C. O. NYANOR vs. J. K. FORSON & MENLEO ENTERPRISE LTD. & ORS [2004]DLCA6672

Date	2004-02-27
Suit No.	H3.72.2004
Citation No.	[2004]DLCA6672

OWUSU J. A. [PRESIDING]

ANINAKWA J.A.

ANIN YEBOAH J. A.

[2004]DLCA6672
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													<main id="main" class="content" style="min-height: 60rem" >C. O. NYANOR<o:p></o:p>vs.<o:p></o:p>J. K. FORSON &amp;
MENLEO ENTERPRISE LTD. &amp; ORS<o:p></o:p>[COURT
OF APPEAL ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

H3.72.2004&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;DATE: 27TH FEBRUARY, 2004<o:p></o:p>

<p class="MsoNormal" align="center" style="text-align:center;line-height:115%;
border:none;mso-border-top-alt:solid windowtext 1.5pt;mso-border-bottom-alt:
solid windowtext 1.5pt;padding:0in;mso-padding-alt:1.0pt 0in 1.0pt 0in">JUDGMENTS<o:p></o:p>

</div>ANIN YEBOAH <o:p></o:p>This
is a motion for stay of execution brought by the 1st Co-Respondent/ Applicant
(hereinafter called the Applicant) praying this Honourable Court for stay of
execution of the judgment of Her Lordship Mrs. Justice Owusu-Arhin delivered on
28/7/2003. The Applicant/Respondent (hereinafter called the Respondent) by
originating motion on notice before the High Court, Accra prayed the court to
order the official Liquidator [the sole respondent] to the action to declare
the assets of Metal Factory [Bibiani] Limited and a declaration that the fully
paid shareholders of Metal Factory (Bibiani) Limited in value and Shereholding
are as follows—<o:p></o:p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHAREHOLDINGS <o:p></o:p>C.O.
NYANOR &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;¢5,500,00 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,500,00 <o:p></o:p>MENLEO
ENT. LTM &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600,000
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600,000 <o:p></o:p>STATE
GOLD MINIG <o:p></o:p>COPRORATION
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000<o:p></o:p>And
that the liquidator has to distribute the Net Assets of Metal Factory (Bibiani)
Limited in liquidation in proportion to the above shareholdings: <o:p></o:p>ALTERNATIVELY<o:p></o:p>3.
That the creditors of Metal Factory (Bibiani) Limited who are entitled to be
paid dividends out Net Assets of Metal Factory (Bibiani) Limited in Liquidation
are as follows: C. O. NYANOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;¢5,500,000.00 <o:p></o:p>MENLEO
ENTERPRISE LTD.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
600,000.00 <o:p></o:p>STATE
GOLD MINING CORPORATION&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000.00 <o:p></o:p>BIBIANI
INDUSTRIAL COMPLEX OR <o:p></o:p>OVERSEAS
INVESTMENT CO. LTD.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250,000.00 <o:p></o:p>It
appears from the judgment that the action was brought by the Respondent herein
after the METAL FACTORY (BIBIANI) Limited (hereinafter called the Company) had
decided to wind up and had indeed appointed an official liquidator in the
person of one J. K. FORSON who was the sole respondent in this case at the
court below as a liquidator under the Bodies Corporate (Official Liquidation)
Act, Act 180 of 1963. The Respondent's case was based on the fact that the
company had raised the shareholdings and allotted shares to him for which he
paid for at ¢5,250,000. He deposed that he was given share Certificate and a
receipt to evidence the transaction. It appears that this contention of the
Respondent that he paid for the shares and that the official liquidator should
accept same as his shareholding in the company was not accepted by the official
liquidator. The Respondent commenced this action at the High Court, Accra for
the reliefs referred to above. In course of the hearing of the ac three
shareholders, namely: MENLEO ENTERPRISES LIMITED, STATE GOLD MINING CORPORATION
and BIBIANI INDUSTRIAL COMPLEX LIMITED were all joined as Co-Respondents at the
instance of the Respondent herein. <o:p></o:p>As
said above, on 28th August, 2003, the learned judge gave judgment in favour
Respondent and made several orders which have culminated in the appeal and the
star execution before this court. The record shows that the first
Co-Respondent, that is, MENLEO ENTERPRISE LIMITED is the only party who has
lodged the appeal against the judgment of the High Court. In arguing the
motion, learned counsel for the Applicant contended that the appeal raises
arguable points of law and that any refusal of the stay of execution will
render the appeal nugatory. He referred to the governing principles on stay of
execution and, the case of DZOBO vrs. AGBEBLEWU (1991) 1 GLR 294 CA to support
his contention. <o:p></o:p>On
the issue of joinder, counsel for the Applicant has urged on this court that
the declaration by the trial judge that "the Co-Respondents have been
misjoined to the originating summons" wa</main>