The applicant, a former employee, brought an application seeking payment of outstanding interest and interpretation of a share purchase agreement after selling shares back to the respondent company.
The dispute arose over the method of calculating and timing of interest payments on annual installments for the shares.
The court clarified the interest calculation, ruling that interest should be calculated on the outstanding principal balance, and ordered the respondent to pay overdue interest and reissue correct tax documents.
However, the court dismissed the applicant's claims of repudiation, anticipatory breach, and breach of the duty of good faith by the respondent, finding that the respondent's conduct, while imperfect, did not amount to a fundamental breach of the agreement.
Costs were awarded to the applicant due to the respondent's failure to respond in a timely fashion, which necessitated the application.