The Applicants sought to enforce a Share Purchase Agreement, General Security Agreement, and Promissory Notes against the Respondents after default on the final payment tranche.
The Respondents claimed various setoffs, including for an old cell phone, an unverified loan balance, alleged business losses due to applicant contact with customers, and a purported breach of a non-competition clause.
The court dismissed all setoff claims as unsubstantiated or legally invalid, finding them either de minimis, specious, or not meeting the requirements for legal or equitable setoff.
The Applicants were granted judgment for the outstanding amount, orders to enforce their security, and full indemnity costs.
