Mark Sheely

The applicants sought a declaration that they had fully repaid a commercial loan to the respondent and an order preventing the respondent from exercising its right to convert the debt into shares.

The applicants had attempted to repay the loan via a wire transfer to the personal account of the respondent's principal, as the respondent had refused to provide wire instructions and insisted on strict compliance with the loan agreement.

The court found that the applicants failed to repay the loan in accordance with the strict terms of the agreement.

Consequently, the applicants' application was dismissed, and the respondent's cross-application to enforce its conversion rights was granted.

The applicants sought to enforce an arbitral award against the respondent.

The respondent agreed to pay the full amount owing under the award, though the parties differed slightly on the precise calculation.

The court ordered the continuation of a Mareva injunction until the final amount is resolved and paid into court, and scheduled a further case conference to address the final calculations and costs.