ACCESS BANK GH. LTD (PLAINTIFF) vs. MARKET DIRECT CO. LTD & 8 ORS (DEFENDANTS)

In this application, the plaintiff/applicant (hereafter called “the Applicant”) prays for an order for the appointment of a receiver in respect of the charged assets of 1st, 3rd, 4th and 5th defendants/respondents (hereafter called “the Respondent”). The main contention of the applicant is that the liabilities of the respondents are being under declared which raises question of genuineness and transparency of the true nature and state of financial distress of the respondents and therefore calls for the interest of the applicant to be protected. It is further the contention of the applicant that the 3rd defendant/respondent is selling the assets charged by the floating debenture in its ordinary course of business. Let me briefly set out the material facts giving rise to this application. The applicant granted various financial assistance in the form of loans or overdrafts to the respondents herein. To secure these facilities the 1st, 3rd and 5th defendants/respondents execu...