2 total
Appeal regarding the interpretation of an insurance policy dismissed with costs.
The appellant appealed an order of the Superior Court of Justice regarding the interpretation of an insurance policy.
The Court of Appeal found no error in the motion judge's analysis and conclusion.
The appeal was dismissed with costs fixed at $7,500.
Leave to appeal denied; expert accounting firm stayed within its mandate in calculating working capital adjustments.
The vendor and purchaser of certain businesses disagreed on the method of calculating working capital adjustments under an asset purchase agreement.
An accounting firm, KPMG, was directed to calculate the adjustments according to approaches advocated by both parties.
The purchaser sought leave to appeal an order requiring it to make a payment based on KPMG's calculation, arguing KPMG exceeded its jurisdiction.
The Court of Appeal denied leave to appeal, finding that KPMG stayed within its mandate and its determination was final and binding.
