IVORY FINANCE CO. LTD. vs. GLOBAL GREEN BUILT (GH) LTD. & 4 OTHERS [2015]DLCA6736

Date	2015-06-18
Suit No.	CIVIL SUIT: NO: H1/103/2014
Citation No.	[2015]DLCA6736

M. OWUSU (J.A.) - PRESIDING

ADUAMA OSEI (J.A.)

SOWAH (J.A.)

SALLEY H. BENJAMIN BOAHEN FOR 2ND – 5TH DEFENDANTS/RESPONDENTS

R. AMOFA FOR PLAINTIFF/APPELLANT

[2015]DLCA6736
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													<main id="main" class="content" style="min-height: 60rem" >IVORY FINANCE CO. LTD.<o:p></o:p>vs.<o:p></o:p>GLOBAL GREEN BUILT (GH)
LTD. &amp; 4 OTHERS<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">

CIVIL SUIT: NO:&nbsp; H1/103/2014&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; &nbsp; &nbsp; DATE: 18TH JUNE, 2015<o:p></o:p>

R.
AMOFA FOR PLAINTIFF/APPELLANT<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">JUDGMENT<o:p></o:p>

</div>MARIAMA OWUSU, J.A. <o:p></o:p>On
9-9-2013, the High Court, Commercial Division, Accra dismissed plaintiff’s
action for lack of Statutory Compliance.&nbsp;
The court held among other things as follows: <o:p></o:p>"Reliefs 1 and 2 of 1st&nbsp; defendant’s counterclaim are accordingly
refused. <o:p></o:p>I enter part judgment in favour of 1st
defendant.&nbsp; I declare that plaintiff’s
failure to give the statutory 30 days notice was in clear contravention of the
Borrowers and Lenders Act of 2008 (Act 773). <o:p></o:p>There shall be no order as to
costs." <o:p></o:p>Dissatisfied
with the decision of the trial court, the plaintiff appealed to this court on
the following grounds: <o:p></o:p>a.
The learned trial Judge erred in law by misapprehending the import and effect
of Section 32 of the Borrowers and Lenders Act, 2008 (Act 773) which resulted
in miscarriage of justice. <o:p></o:p>b.
The learned trial Judge erred in law by failing to make a determination on the
issues regarding the liability and defaults of the other respondents.<o:p></o:p>c.
The judgment is against the weight of evidence adduced at the trial court. <o:p></o:p>The
reliefs sought from the Court of Appeal are: <o:p></o:p>1.
That the reliefs sought by the plaintiff at the High Court be granted and the
ruling of the High Court reversed. <o:p></o:p>2.
Any other order or orders as this court may deem fit. <o:p></o:p>Before
dealing with the arguments for and against this appeal, I will give a brief
background of the case. <o:p></o:p>The
plaintiff/appellant (hereinafter referred to as the plaintiff) claimed against
the defendants jointly and severally <o:p></o:p>i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the recovery of the credit facility of two
million, one hundred and seventy-six thousand and eleven Ghana cedis,
thirty-three pesewas (Gh¢2,176,011.33) <o:p></o:p>ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
interest on the said amount from November
14th, 2011 till date of final payment <o:p></o:p>iii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
cost. <o:p></o:p>In
the 15 paragraph Amended Statement of Claim, the plaintiff averred that, 1st
defendant secured a contract for the building of Senior High School
Infrastructural Project and approached the plaintiff for a credit facility to
enable it undertake the said project. <o:p></o:p>The
plaintiff averred further that 2nd, 3rd, 4th and 5th defendants who are limited
liability companies engaged in insurance business pooled together to provide
credit guarantee jointly and severally for the due payment of a credit facility
issued by the plaintiff to 1st defendant.&nbsp;
T</main>