LAWRENCE BRUCE KYEI vs. FIRST ALLIED SAVINGS & LOANS LTD

This ruling is in respect of an application for an order of discharge and release of attached assets of the Defendant/Judgment Debtor/Applicant and for suspension and/or stay of further execution proceedings against the Defendant/Judgment Debtor/Applicant. This application was made pursuant to section 128 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). Background The background to this application is that the Plaintiff/Judgment Creditor/Respondent (hereinafter referred to as the “Respondent”) commenced an action by Writ of Summons dated 13th July, 2018 against the Defendant/Judgment Debtor/Applicant (hereinafter referred to as the “Applicant”) for the following reliefs: a. An order for the recovery of cash, the sum of FIVE HUNDRED THOUSAND GHANA CEDIS (GHC 500,000.00), being the amount of money invested as a fixed deposit in the Defendant’s institution, the said investment being made on 2nd June, 2018. b. Interest on the FIVE HUNDRED THOUSAND...