Background: Dispute over the purchase of shares in Toronto Economics Management College (TEMC) by Unionville Education Inc. (UEI) from Yuchen Song, alleging misrepresentations.
Ruling:
UEI required to post $20,000 as security for costs in stages: $5,000 within 30 days, another $5,000 after discovery undertakings are answered, and $10,000 after the action is set down for trial.
Noting in default set aside, defendants granted leave to serve a statement of defense and counterclaim.
Parties to absorb their own motion costs due to defendants' late motion material submission and failure to comply with discovery undertakings.
Key Issues: Security for costs, compliance with discovery undertakings, and procedural fairness in litigation.
Plaintiff was ordered to post $20,000 in security for costs
