Canada Inc v Sovereign Finance Holdings Limited & Ors

Canada Inc v Sovereign Finance Holdings Limited & Ors

The combination of the respondents' use of sophisticated international financial structures, a pattern of evasiveness and persistent defaults, and their deliberate failure to comply with asset disclosure orders, taken together, objectively establishes a real risk of dissipation of assets. It is just and convenient...

Source-derived case information.

Parties
Applicant: Canada Inc; Respondent: Sovereign Finance Holdings Limited; Respondent: Mr Makanjuola; Respondent: Mrs Makanjuola
Jurisdiction
England and Wales
Judgment Date
20 August 2024
Procedural Posture
Commercial Debt Claim With Application for Worldwide Freezing Order / Return Date Hearing for Continuation of Worldwide Freezing Order
Outcome
Worldwide freezing order continued against the first and second respondents (the Makanjuolas)
Legal Topics
Freezing Injunctions, Risk of Dissipation, Asset Disclosure, Enforcement of Judgments
Commercial Law Civil Procedure Freezing Injunctions Risk of Dissipation Asset Disclosure Enforcement of Judgments

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Parties

Canada Inc

Applicant

Sovereign Finance Holdings Limited

Respondent

Mr Makanjuola

Respondent

Mrs Makanjuola

Respondent

Procedural Posture

Commercial Debt Claim With Application for Worldwide Freezing Order / Return Date Hearing for Continuation of Worldwide Freezing Order

Legal Issues

  1. 1 Whether there is a real risk of dissipation of assets justifying continuation of a worldwide freezing order
  2. 2 Whether the respondents' conduct and failure to disclose assets supports the risk of dissipation

Ratio Decidendi

The combination of the respondents' use of sophisticated international financial structures, a pattern of evasiveness and persistent defaults, and their deliberate failure to comply with asset disclosure orders, taken together, objectively establishes a real risk of dissipation of assets. It is just and convenient to continue the worldwide freezing order.

Court Disposition

Worldwide freezing order continued against the first and second respondents (the Makanjuolas)

Orders

  • Continuation of the worldwide freezing order against Mr and Mrs Makanjuola
  • Respondents to comply with asset disclosure obligations