[2016]DLHC6286 • July 28, 2016 • High Court
DALEX FINANCE & LEASING CO {PLAINTIFF} vs. THOMBOAT CONSTRUCTION LTD {DEFENDANTS} SIC COMPANY LTD
The Plaintiff granted a loan facility of GH¢212,156.00 to the 1st Defendant, Thomboat Construction Ltd, to purchase two trucks, secured by a guarantee bond from the 2nd Defendant, SIC Company Ltd. The trucks were registered jointly in the names of the Plaintiff and 2nd Defendant, not the 1st Defendant. The 1st Defendant alleged the Plaintiff failed to claim under warranty and insurance after one truck developed a gearbox fault and was involved in an accident, leading to loss of earnings. The Plaintiff claimed the 1st Defendant defaulted on repayment, and the 2nd Defendant guaranteed the loan.
read moreThe Plaintiff’s claim against the 1st and 2nd Defendants jointly and/or severally was for an amount of GH¢464,409.75 being the outstanding balance as at the 9th day of June 2014 in respect of a credit facility granted to the 1st Defendant and guaranteed by the 2nd Defendant. The Plaintiff also made a claim for compound monthly interest of 6% from 10th June 2013 till date of final payment. It was the Plaintiff’s case as per its Statement of Claim that it granted a loan facility of GH¢212,156.00 to the 1st Defendant, a private limited liability company to enable it purchase 2 trucks. This loan was secured by a guaranteed bond issued by the 2nd Defendant in which the 2nd Defendant guaranteed to pay to Plaintiff upon written demand the guaranteed sum of GH¢212,000.00 together with the agreed interest. According to the Plaintiff, the 1st Defendant had failed to liquidate its indebtedness within the agreed period of 12 months. The 2nd Defendant had also failed to make good on i...