H. F. C. GHANA LIMITED vs. EUNICHAP COMPANY LIMITED

The Plaintiff Bank brought the instant action against the Defendants herein jointly and severally for the outstanding debt on a loan agreement which was executed by the 2nd Defendant on behalf of the 1st Defendant. The endorsement on the writ of summons filed on 13/08/2010 gave an amount of GH¢14, 870.72 as the outstanding debt. The Plaintiff also claimed interest on this debt at the prevailing bank rate as well as penal interest of 10% per annum from 1/04/2010 till date of final payment. Alternatively, the Plaintiff prayed for an order for judicial sale of property situate on plot number 1, block X, Atonsu, Kumasi which the 2nd Defendant mortgaged as security for the said facility. The Plaintiff Bank described the 1st Defendant as a Limited Liability Company engaged in commerce and the 2nd Defendant as its Director as well as a guarantor under the loan agreement. The Plaintiff’s case can be gleaned from paragraphs 4 to 9 of its statement of claim as set out below: 4) Sometime in...