PRESTIGE CHEMICALS GH. LTD vs. MCS INT. LIMITED

JUDGMENT The case of the Plaintiffs as captured by their Amended Statement of Claim dated the 26th day of June, 2014 is that at all material times they were engaged in the manufacture of plastic products. And that the Plaintiff was importing the raw materials for its production from the Defendant under a supplier’s credit. The credit supplies were covered by a credit guarantee insurance policy taken by the Defendant. Plaintiff defaulted in repaying for the goods supplied to it by Defendant and the parties in a bid to resolve the problem of non-payment entered into an agreement dated 22nd November, 2003 under which Plaintiff transferred two properties, shed numbers 2 and 3 to the Defendant in partial satisfaction of the debt. The parties placed a value of US$80,000.00 on the two sheds, and as Plaintiff was then owing Defendant US$130,000.00 Plaintiff was left with an outstanding balance of US$50,000.00 to pay to the Defendant. The Defendant, who was to receive shed number 2, m.....