[2019]DLHC7554 • May 31, 2019 • High Court
NDK FINANCIAL SERVICES LTD vs. CASSARY CONTRUCTION LTD, ABDUL KADIRI AMIDU, ZUBAIDA ABDUL KADIRI AND CHARLES YEBOAH
The plaintiff, NDK Financial Services Ltd, filed an application for interim preservation of funds from the proceeds of sale of a property, pursuant to Order 25 Rule 2 of CI 47 and the inherent jurisdiction of the court. The property was sold by the 1st defendant, Cassary Construction Ltd, with consent from the Lands Commission. The plaintiff sought to preserve the sale proceeds to repay a facility granted to the 1st defendant. The defendants admitted the sale but contended that the funds had been reinvested in the 1st defendant's business, thus no funds were available for preservation. The defendants also noted two sources of repayment: proceeds from the land sale and liquidation security provided for the facility.
read moreMOTION ON NOTICE FOR INTERIM PRESERVATION OF FUNDS FROM THE SALE OF THE PROPERTY DESCRIBED IN THE AFFIDAVIT IN SUPPORT PURSUANT TO ORDER 25 RULE 2 OF CI 47 AND UNDER IN THE INHERENT JURISDICTION OF THE COURT The plaintiff applicant on the 8/4/19 filed a repeat application Interim preservation of funds from the proceeds of sale of property described in the affidavit in support. In the court’s ruling refusing the grant in the previous application, the court had argued that the property had not been sold as no consent had been granted by the lands Commission and so therefore there was nothing to preserve. In the present application the applicants Mark Ofori deposes amongst others that by the agreement between the parties proceeds from the sale of the property were to be used to repay the facility granted the 1st defendant. He goes further that consent has been granted the 1st defendant and sale has indeed taken place. Basically therefore the applicant says if sale has taken place the .....