Contract – Breach. The Chancery Division allowed the claimants' claim alleging that the second defendant had failed to perform obligations, under a deed of acknowledgement and satisfaction of a debt, to transfer ownership of nine shares in the first defendant company (PAS) to the Interim Executives (Guernsey) Ltd Occupational Pension Plan 2, as payment in kind for a £1m contribution he owed to the plan. The court held that the thrust of the second defendant's contentions was to the effect that there had been no valid transfer of the shares in PAS. Accordingly, on his own case, the second defendant had not performed his obligations under the deed. The defendants' counterclaim, alleging misrepresentation, was dismissed where, on the facts, misrepresentation had not been established.