The applicant sought final declarations of remaining indebtedness against the respondents following the liquidation of real estate project securities by a court-appointed receiver.
The respondents raised several defences, including the expiry of limitation periods, alleged obstruction of a retail unit sale, bad faith, and failure to exhaust recourse.
The court dismissed all defences, finding the claims were brought within the limitation period due to acknowledgments and waivers, and that the respondents failed to raise any genuine issue requiring a trial.
The application was granted, and judgment was ordered against the respondents for the shortfall amounts totaling approximately $36 million.
