ACCESS BANK GH. LTD (PLAINTIFF) vs. MARKET DIRECT CO. LTD & 8 ORS (DEFENDANTS) [2016]DLHC7223

Date	2016-06-15
Suit No.	SUIT NO. CM/0048/16
Citation No.	[2016]DLHC7223

HIS LORDSHIP GEORGE K. KOOMSON (J).

MARGARET OWUSU FOR PLAINTIFF/APPLICANT

KOJO ASARE BOATENG FOR SAMUEL CODJOE FOR DEFENDANT/ RESPONDENT

[2016]DLHC7223
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													<main id="main" class="content" style="min-height: 60rem" >ACCESS BANK
GH. LTD<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>MARKET
DIRECT CO. LTD &amp; 8 ORS<o:p></o:p>(DEFENDANTS)<o:p></o:p><o:p>&nbsp;</o:p>[HIGH COURT (COMMERCIAL
DIVISION), 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">

SUIT
NO. CM/0048/16&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; &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:
15TH JUNE, 2016<o:p></o:p>

</div>COUNSEL: <o:p></o:p>MARGARET
OWUSU FOR PLAINTIFF/APPLICANT<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">

KOJO
ASARE BOATENG FOR SAMUEL CODJOE FOR DEFENDANT/ RESPONDENT<o:p></o:p>

</div>CORAM:<o:p></o:p>HIS
LORDSHIP GEORGE K. KOOMSON (J).<o:p></o:p><div style="mso-element:para-border-div;border-top:solid windowtext 1.5pt;
border-left:none;border-bottom:solid windowtext 1.5pt;border-right:none;
padding:1.0pt 0in 1.0pt 0in">

<p class="MsoNormal" align="center" style="margin-bottom:0in;margin-bottom:.0001pt;
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">RULING<o:p></o:p>

</div>In this application, the plaintiff/applicant
(hereafter called “the Applicant”) prays for an order for the appointment of a
receiver in respect of the charged assets of 1st, 3rd, 4th
and 5th defendants/respondents (hereafter called “the Respondent”).<o:p></o:p>The main contention of the applicant is that the
liabilities of the respondents are being under declared which raises question
of genuineness and transparency of the true nature and state of financial
distress of the respondents and therefore calls for the interest of the
applicant to be protected.&nbsp; It is further
the contention of the applicant that the 3rd defendant/respondent is
selling the assets charged by the floating debenture in its ordinary course of
business.<o:p></o:p>Let me briefly set out the material facts giving
rise to this application.&nbsp; The applicant
granted various financial assistance in the form of loans or overdrafts to the
respondents herein.&nbsp; To secure these
facilities the 1st, 3rd and 5th
defendants/respondents executed Floating Debenture Deeds in favour of the
applicant thereby creating floating charge over their present and future stock.&nbsp; The 4th defendant/respondent also
created a fixed and floating charge over its assets.&nbsp; The 5th defendant/respondent also
assigned its sale proceeds to the applicant and executed an assignment to that
effect.<o:p></o:p>The applicant called in the debt of the respondents
due to the occurrence of certain events after giving notice of their intention
to the respondents.&nbsp; Subsequent to this
the applicant issued a writ of summons against respondent asking for the following
reliefs:<o:p></o:p><o:p>&nbsp;</o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">(a)&nbsp;&nbsp;
&nbsp;Recovery of the total amount of three million,
Nine hundred and fifty eight thousand five hundred and seventy-eight Ghana
cedis Twelve Pesewas (GHS3,958,578.12) being the outstanding indebtedness of
the 1st defendant including interest or in the alternative judicial
sale of all the companies present and future stock.<o:p></o:p><o:p>&nbsp;</o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">(b)&nbsp;&nbsp;
Recovery
of the amount of Two Hundred and Sixty Thousand, Four Hundred and Sixteen Ghana
Cedis Seventy-Three Pesewas (GHS260,416.73) being the outstanding indebtedness
of the 2nd defendant including interest of and an order for the
payment of all the present and future receivables of the warehouse located on
Spintex road up to the amount due and owing to the Plaintiff. <o:p></o:p><o:p>&nbsp;</o:p><span lang="EN-GB" style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-bidi-font-family:&quot;Book Antiqua&quot;">(c)&nbsp;&nbsp;&nbsp;
Recovery
of the total amount of Seven M</main>