Background:
Edward Eng sued Canada Construction Lift (2009) Ltd. (CCL), Sit Kin Cheung, and Gregory Wong for the repayment of a $15,000 loan made in May 2011. Eng claimed he was still owed $10,000 plus 24% compound interest, bringing the total to approximately $238,000 by trial. The case was initially filed in small claims court but was later transferred to the Supreme Court due to jurisdictional limits.

Legal Issues:

1. Loan Repayment: Whether the $10,000 balance was still owed after a partial repayment of $5,000.

2. Settlement Agreement: Whether a 2013 settlement covering other disputes also resolved the loan.

3. Interest Calculation: Whether the 24% interest rate should be compounded or remain simple interest.

Court’s Findings:

• The court ruled that the 2013 settlement did not include the loan, making Sit Kin Cheung and Gregory Wong personally liable for repayment.

• The interest rate of 24% applied as simple interest, not compound, since the loan agreement lacked explicit language stating otherwise.

• Eng was awarded $10,000 plus simple interest at 24% from October 2011 until the judgment date.

Costs and Award:
The defendants were ordered to pay $10,000 plus interest, and were granted costs at Scale B, with calculations to be finalized if disputed.