The Bank of Nova Scotia brought a motion for summary judgment against 1934047 Ontario Inc. and Ogieriakhi Omozusi for outstanding debts under an overdraft facility, a term loan, and a credit line, all of which were in default.
Omozusi had also guaranteed the corporation's debts.
The defendants acknowledged the indebtedness and default but sought a stay of enforcement and leave to pay at a negotiated rate, and also sought to amend their statement of defence to include a counterclaim for business interruption losses.
The court found no genuine issue requiring a trial, affirming the Bank's contractual right to demand full repayment.
The proposed counterclaim was deemed without merit and leave to amend was denied.
Summary judgment was granted in favour of the Bank for the full amounts owing plus interest.
