[2016]DLHC9052 • December 5, 2016 • High Court
DALEX FINANCE & LEASING CO. vs DEES & D INVESTMENT LIMITED & 2 OTHERS
The Plaintiff, a finance and leasing company, granted a loan facility to the 1st Defendant, a company engaged in petroleum product sales, disbursed in three tranches. The 2nd and 3rd Defendants, directors and guarantors, provided personal guarantees. The 1st Defendant mortgaged its property at Ashaley Botwe as security. The 1st Defendant defaulted on repayments of the 1st and 3rd tranches, leading to the suit for recovery of outstanding sums and judicial sale of the mortgaged property.
read moreThe Plaintiff is a finance and leasing company duly registered under the laws of the Republic of Ghana. The 1st Defendant is a company also registered in Ghana and engages in numerous business activities to include the sale of fuel, lubricants and other petroleum products. The 2nd and 3rd Defendants are directors of the 1st Defendant while the 2nd Defendant is the sole shareholder in 1st Defendant Company. The facts of this case, in brief, are that the Plaintiff granted a loan facility to the 1st Defendant which was disbursed in three (3) tranches. As security for the loan, the 2nd and 3rd Defendants guaranteed separately to be personally liable either jointly or severally with the 1st Defendant in the event of default by the 1st Defendant. As further security for the loan, the 1st Defendant mortgaged its filing station situate at Ashaley Botwe, Accra, in favour of the Plaintiff. The relationship between the parties subsequently went sour as the 1st Defendant, as alleged by the...