Peter Nygard seeks to finance his defense with the money of his companies

Peter Nygard seeks to fund his defense with corporate money

Peter Nygard during a court appearance, January 19, 2022. (archives)

Peter Nygard, who appealed a previous decision, is asking the court to allow him to use money from his companies currently in receivership to pay his defense lawyers.

An earlier version of this text stated that Mr. Nygard would hear the court's decision on Wednesday, while he will instead be heard by the court that day.

Peter Nygard, 81, is currently being held in a Toronto jail awaiting trial on charges of sexual assault and forcible confinement, according to allegations dating back 40 years.

He is also being prosecuted in the United States, where he has nine counts for racketeering, sex trafficking and related crimes, and he was recently charged in Montreal for crimes of a sexual nature.

To finance his defense, the former fashion magnate wants to use the sale of assets from his companies.

Recent documents filed in this case show that the receiver appointed by the court to manage Mr. Nygard's receivership, Richter Advisory Group, collected more than $121 million and paid out more than $42 million. million dollars to pay off the company's debts.

Court documents show that as of May 2021 there was $12.8 million remaining after the company's assets were sold.

The Nygard companies also owe $3 million to the Canada Revenue Agency, although the court has not yet authorized this payment.

To pay his legal fees, Mr. Nygard wants to use $1.15 million of the $10 million held in trust by the receiver, according to court filings filed between December 2021 and March 2022.

Last December, Mr. Nygard's attorneys asked the judge to authorize the distribution of $1.15 million of the net proceeds of the receivership to Nygard Properties Ltd. (NPL) for the payment of certain legal fees. incurred or to be engaged by Peter J. Nygard personally in connection with the defense of certain criminal charges.

They argued that under the Companies Act a business may pay the legal fees of an officer, director or employee.

According to Mr. Nygard's lawyer, Wayne Onchulenko, it is in the company's interest to defend Peter Nygard because if he is convicted, NPL's assets will likely be used to pay for a judgment obtained by anyone who succeeds in bringing a civil action against him.

Court documents claim Peter Nygard wants $500,000 to be used to pay his lawyers: Toronto criminal defense attorney Brian Greenspan, Toronto prison lawyer Jeff Hartman, Winnipeg lawyer Richard Wolson and longtime Nygard Winnipeg lawyer Jay Prober.

Another $650,000 would be split between three other insolvency firms or lawyers.

I fail to see how it can be in the interests of Nygard Properties Ltd to defend criminal charges of sexual assault and other related offences, explains for on behalf of Justice of the Court of Queen's Bench James Edmond.

The latter adds that the lawyers have not established that the criminal charges have anything to do with the fact that Peter Nygard acted as director of the companies.

The however, the judge granted Peter Nygard's request to pay reasonable legal fees and professional costs in connection with the receivership or bankruptcy proceedings, but not to defend Mr. Nygard against the criminal charges against him .

Nine companies of Mr. Nygard were placed in receivership by the court on March 18, 2020.

Among them, Nygard Properties Ltd. was a real estate holding company. Its assets were sold during the receivership.

This property on Broadway is one of Peter Nygard's properties in Winnipeg that was sold during the receivership.

Judge James Edmond approved the sale of four properties owned by the companies Nygard Avenue Broadway, Notre-Dame Avenue and Inkster Boulevard in Winnipeg, as well as the company's head office in Toronto.

It also approved the liquidation of fashion, furniture, hardware and display accessories.

Peter Nygard was arrested in Winnipeg in December 2020 after nine charges were laid in the United States.

Mr. Nygard was held at Headingley Correctional Center before being transferred to a Toronto jail in October 2021. He is charged with 11 counts of sexual assault and 3 counts of forcible confinement in Toronto, related to allegations dating from the late 1980s and mid-2000s.

In May 2022, Montreal police also charged Peter Nygard with one count of assault sex and a count of forcible confinement in Quebec. The alleged crimes, which involve the same victim, took place between November 1, 1997 and November 15, 1998.

Mr. Nygard does not face charges in Winnipeg, although multiple women have told police he raped them.

The x27;appeal is due in court on Wednesday.

With information from Caroline Barghout

Leave a Reply

Your email address will not be published.

Previous post Amanda Todd's mother wants sextortion added to the Criminal Code
Next post A body recovered from the St. Lawrence River in Montreal