This appeal concerned a dispute over loan repayments within a complex tax shelter scheme.
The appellants, two corporations (Fincos), sought repayment of loans advanced to an investor.
The investor argued that earlier loans were statute-barred and later loans were satisfied by preferred shares held in trust.
The Court of Appeal upheld the trial judge's findings: the claims for earlier loans were statute-barred due to an agency relationship establishing the commencement of the limitation period, and the later loans were indeed repayable and satisfied by the transfer and cancellation of preferred shares, interpreting the various agreements holistically.
The court dismissed the appeal and the cross-appeal, finding the cross-appeal moot given the main findings.
