Nature of the Case: The plaintiff, a consultant who assists with securing business loans, entered into an agreement with the defendant on August 2, 2021, to provide assistance in obtaining debt capital financing in exchange for 10% of any amounts raised through the plaintiff’s introductions.
Facts:
The plaintiff's introductions resulted in the defendant obtaining $2,000,000 in financing.
The defendant has failed to pay the plaintiff the amounts due under the agreement.
The defendant did not defend the proceeding and was noted in default.
Issues/Main Discussion:
Liability: Was there a basis for finding the defendant liable?
Damages: What damages is the plaintiff entitled to?
Ruling:
Default Judgment: Granted in favor of the plaintiff for the amount requested.
Liability: The court deemed admissions of fact from the Statement of Claim due to the defendant’s failure to defend, establishing the defendant’s liability.
Damages: The plaintiff is entitled to be compensated for the loss of the bargain, placing them in the position they would have been had the contract been performed without breach.
Amount Awarded:
The plaintiff was awarded damages of $231,192 plus pre-judgment interest of $11,918.11, totaling $243,110.11. Additionally, costs were awarded in the amount of $4,500, plus post-judgment interest at the rates in the Courts of Justice Act.
