BROADVIEW CAPITAL vs. BIGMA ENTERPRISE AND ANOTHER [2017]DLHC3909

Date	2017-03-28
Suit No.	SUIT NO. BFS/273/14
Citation No.	[2017]DLHC3909

JANAPARE A. BARTELS-KODWO (MRS.) JUSTICE OF THE HIGH COURT

ALFRED BOAKYE FOR THE PLAINTIFF

S. N. ADJEI FOR THE DEFENDANT

[2017]DLHC3909
																																						<div class="restriction-wrapper">
														<div class="container-lg">
															<div class="row">
																<div class="col-md-12 restricted-content">
																	<div class="restricted-content-img-wrapper">
																		<div class="lock-icon bounce-7">
																			<img class=""
																				src="https://www.dennislawgh.com/dl-assets/dl-images/lock-content.png"
																				alt="Subscription based content">
																		</div>
																	</div>
																	 
																		<a href="https://www.dennislawgh.com/login"
																		class="btn btn-primary btn-lg"
																		style="font-family: 'open sans'; text-transform: capitalize; border-radius: 8px"> 
																		Login to Read Full Case </a>
																	 
																	
																</div>
															</div>
														</div>
													</div>
													<main id="main" class="content" style="min-height: 60rem" >BROADVIEW CAPITAL<o:p></o:p>vs.<o:p></o:p>BIGMA ENTERPRISE AND
ANOTHER<o:p></o:p>[HIGH COURT (COMMERCIAL
COURT DIVISION), ACCRA]<o:p></o:p>SUIT NO. BFS/273/14&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 28TH
MARCH, 2017<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:31.0pt 31.0pt 1.0pt 31.0pt;mso-border-shadow:yes">

<o:p>&nbsp;</o:p>

</div>COUNSEL:<o:p></o:p>ALFRED BOAKYE FOR THE PLAINTIFF <o:p></o:p>S. N. ADJEI FOR THE DEFENDANT <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 31.0pt 1.0pt 31.0pt">

<o:p>&nbsp;</o:p>

</div>CORAM:<o:p></o:p>JANAPARE A. BARTELS-KODWO (MRS.) JUSTICE OF THE HIGH COURT <o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 31.0pt 1.0pt 31.0pt">

</div>JUDGMENT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 31.0pt 1.0pt 31.0pt">

</div>The Plaintiff took out a Writ of Summons suing the Defendants for
the following reliefs: <o:p></o:p>a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The repayment of the sum of One
Hundred and Five Thousand One Hundred and Nineteen Ghana Cedis and Sixteen
Pesewas (GH¢105,119.16) being the sum outstanding on the loan facility as at
October, 2014. <o:p></o:p><o:p>&nbsp;</o:p>b. Interest on the sum at the sum of One Hundred and Five Thousand
One Hundred and Nineteen Ghana Cedis and Sixteen Pesewas (GH¢105,119.16) at the
agreed interest rate of 6% from October 2014 till date of final payment. <o:p></o:p><o:p>&nbsp;</o:p>c. Penal interest of 2% on the amount outstanding from October,
2014 till date of final payment. <o:p></o:p><o:p>&nbsp;</o:p>d. Costs including legal fees of 10% of the amount claimed. <o:p></o:p><o:p>&nbsp;</o:p>The Plaintiff, a Financial Institution incorporated under the laws
of our Republic contends that it advanced a loan facility of One Hundred and Fifty Ghana Cedis
(GH¢150,000.00) on August 12, 2013 to the 1st Defendant, a
general merchant company for the purchase of goods to supply its various
customers. It averred further that the facility ought to have been repaid in
ten equal installments at Twenty-Two
Thousand Five Hundred Ghana Cedis (GH¢22,500.00) monthly over ten (10)
months with a 6% penalty per month which attracted an extra penal interest rate
of 2% per month upon default. 1st Defendant was however unable to
repay the loan within the period as agreed. The loan he stated was secured with
an Assignment of Chevrolet Transport and a Land Title Registration document
AR/973/1997. In addition the facility was secured with a joint and several
guarantee by the 1st Defendant Director alter ego of the Company.
Having failed to pay back the loan despite several demands on them the
liability of the Defendants as at October, 2014 stood at One Hundred and Five Thousand One Hundred and Eleven Ghana Cedis and
Sixteen Pesewas (GH¢105,111.16) hence the claim per the reliefs endorsed on
the Writ herein. <o:p></o:p>The Defendants in their defence deny owing the Plaintiff any
amount. The following issues were set down for trial: <o:p></o:p><p class="MsoListParagraphCxSpFirst" style="text-align:justify;text-indent:-.25in;
mso-pagination:none;mso-list:l1 level1 lfo1;border:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;
mso-border-shadow:yes">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Whether the loan facility was
to attract an int</main>