On March 10, 2022 a unanimous panel of the Court of Appeal for Ontario released reasons upholding the judgment of Justice Dietrich of the Ontario Superior Court (Commercial List) dated March 19, 2021. Cassels, acting as co-counsel with Norton Rose Fulbright, appeared on behalf of the respondent Ernst & Young Inc. in its capacity as Monitor of Bondfield Construction Company Limited. The Court of Appeal dismissed the appeal on all grounds, noting among other things that “at minimum John Aquino was reckless as to whether the scheme would defraud, defeat or delay creditors” and “permitting the fraudsters to get a benefit at the expense of creditors would be perverse.”
Cassels acted for the Ernst & Young Inc. at the Ontario Court of Appeal and in the application.