Centennial Realties v. Spiropoulos

Centennial Realties v. Spiropoulos

The defendants failed to raise a fairly arguable defence because the conveyance transferred substantial equity without consideration, the plaintiff's debt existed at the time and the transfer denuded the grantor of assets available to satisfy the debt; intention to defeat creditors is imputed and the conveyance must...

Source-derived case information.

Citation
2001 NSSC 155
Parties
Applicant/plaintiff: Centennial Realties by its lawful assignee, James Georgantas; Respondent/defendant: Danai Spiropoulos (sometimes also known as Danai Spire or Spiro); Respondent/defendant: Sophia Spiropoulos (sometimes also known as Sophia Maxwell); Respondent/defendant: Arthur Spiropoulos of Halifax in the Province of Nova Scotia
Court
Supreme Court of Nova Scotia
Jurisdiction
Canada
Judgment Date
5 December 2001
Procedural Posture
Civil Fraudulent Conveyance Under Statute of Elizabeth / Summary Judgment Application
Outcome
Application granted; summary judgment entered for plaintiff and conveyance set aside under the Statute of Elizabeth.
Legal Topics
Statute of Elizabeth, Fraudulent Conveyance, Summary Judgment Test, Consideration, Intention to Defraud, Denuding Assets, Costs
Source Language
english
Property Law Creditor Debtor Law Civil Procedure Statute of Elizabeth Fraudulent Conveyance Summary Judgment Test Consideration Intention to Defraud +2 more

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Parties

Centennial Realties by its lawful assignee, James Georgantas

Applicant/plaintiff

Danai Spiropoulos (sometimes also known as Danai Spire or Spiro)

Respondent/defendant

Sophia Spiropoulos (sometimes also known as Sophia Maxwell)

Respondent/defendant

Arthur Spiropoulos of Halifax in the Province of Nova Scotia

Respondent/defendant

Procedural Posture

Civil Fraudulent Conveyance Under Statute of Elizabeth / Summary Judgment Application

Legal Issues

  1. 1 Whether the conveyance was for valuable consideration
  2. 2 Whether the grantor intended to delay or defeat his creditors
  3. 3 Whether the conveyance had the effect of delaying or defeating creditors

Ratio Decidendi

The defendants failed to raise a fairly arguable defence because the conveyance transferred substantial equity without consideration, the plaintiff's debt existed at the time and the transfer denuded the grantor of assets available to satisfy the debt; intention to defeat creditors is imputed and the conveyance must be set aside under the Statute of Elizabeth; summary judgment is therefore appropriate.

Court Disposition

Application granted; summary judgment entered for plaintiff and conveyance set aside under the Statute of Elizabeth.

Orders

  • Summary judgment granted and the conveyance set aside as fraudulent under the Statute of Elizabeth.
  • Defendants to pay costs in the amount of $1,000.00 plus disbursements to be taxed.