HSBC Securities (Canada) Inc. v. Firestar Capital Management Corporation

HSBC Securities (Canada) Inc. v. Firestar Capital Management Corporation

The motion judge properly exercised his discretion: appellants failed to promptly move and did not adequately explain the delay; they failed to raise an arguable defence because their self‑serving affidavit lacked corroboration and contradicted prior conduct and evidence indicating authorization; proposed fresh evidence either was available earlier or would not have affected the result under Palmer; accordingly the default judgments and appeal must be dismissed and fresh evidence refused.

Citation
2008 ONCA 894
Parties
Plaintiff (respondent): HSBC Securities (Canada) Inc.; Defendant (appellant): Firestar Capital Management Corporation; Defendant (appellant): Firestar Investment Management Group; Defendant (appellant): Michael Ciavarella; Defendant (appellant): Kamposse Financial Corporation; Defendant (appellant): Kalson Jang; Defendant (appellant): Gwen Jang; Defendant (appellant): Kalano Jang; Defendant (appellant): Michael Lee Mitton; Defendant (appellant): Karen Lam; Defendant (appellant): Yu Hui Brian Luo; Defendant (appellant): Jeffrey Hwee; Defendant (appellant): Jasmine Yun; Defendant (appellant): Frederick Ly; Defendant (appellant): Matthew La; Defendant (appellant): Jeffrey Lau; Defendant (appellant): Man Ho Lam; Defendant (appellant): Tsz Leung (Jacky) Soo; Defendant (appellant): XYZ Company; Defendant (appellant): ABC Company; Defendant (appellant): John Doe; Defendant (appellant): Jane Doe
Court
Court of Appeal for Ontario
Jurisdiction
Canada
Judgment Date
31 December 2008
Procedural Posture
Collection / Appeal From Order of Superior Court Dismissing Motion to Set Aside Default Judgments
Outcome
Appeal dismissed; motion to introduce fresh evidence dismissed; costs awarded to respondent.
Legal Topics
Default Judgment, Motion to Set Aside, Fresh Evidence (palmer), Authorization of Trades, Personal Guarantee, Costs
Source Language
English
Securities Law Civil Procedure Collections Appeal Default Judgment Motion to Set Aside Fresh Evidence (palmer) Authorization of Trades +2 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Legal principles 3 Authorities cited 5 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

HSBC Securities (Canada) Inc.

Plaintiff (respondent)

Firestar Capital Management Corporation

Defendant (appellant)

Firestar Investment Management Group

Defendant (appellant)

Michael Ciavarella

Defendant (appellant)

Kamposse Financial Corporation

Defendant (appellant)

Kalson Jang

Defendant (appellant)

Gwen Jang

Defendant (appellant)

Kalano Jang

Defendant (appellant)

Michael Lee Mitton

Defendant (appellant)

Karen Lam

Defendant (appellant)

Yu Hui Brian Luo

Defendant (appellant)

Jeffrey Hwee

Defendant (appellant)

Jasmine Yun

Defendant (appellant)

Frederick Ly

Defendant (appellant)

Matthew La

Defendant (appellant)

Jeffrey Lau

Defendant (appellant)

Man Ho Lam

Defendant (appellant)

Tsz Leung (Jacky) Soo

Defendant (appellant)

XYZ Company

Defendant (appellant)

ABC Company

Defendant (appellant)

John Doe

Defendant (appellant)

Jane Doe

Defendant (appellant)

Procedural Posture

Collection / Appeal From Order of Superior Court Dismissing Motion to Set Aside Default Judgments

Legal Issues

  1. 1 Whether the default judgments should be set aside under R.19.08
  2. 2 Whether appellants adequately explained delay in responding to claim and default judgments
  3. 3 Whether appellants raised an arguable/triable defence that the trades were unauthorized

Ratio Decidendi

The motion judge properly exercised his discretion: appellants failed to promptly move and did not adequately explain the delay; they failed to raise an arguable defence because their self‑serving affidavit lacked corroboration and contradicted prior conduct and evidence indicating authorization; proposed fresh evidence either was available earlier or would not have affected the result under Palmer; accordingly the default judgments and appeal must be dismissed and fresh evidence refused.

Court Disposition

Appeal dismissed; motion to introduce fresh evidence dismissed; costs awarded to respondent.

Orders

  • Appeal dismissed
  • Motion to adduce fresh evidence dismissed