ACCESS BANK GHANA LIMITED (PLAINTIFF) vs. MARKET DIRECT COMPANY LIMITED& ORS (DEFENDANTS) AND IN THE MATTER OF APPLICATION BY THE RECIEVERS/MANAGERS OF 1ST DEFENDANT FOR AN ORDER FOR THE RESPONDENT – CAL BANK LIMITED TO RENDER ACCOUNTS AND RETIRE FUNDS [2019]DLHC7151

ACCESS BANK GHANA LIMITED (PLAINTIFF) vs. MARKET DIRECT COMPANY LIMITED& ORS (DE... [2019]DLHC7151

Date	2019-04-15
Suit No.	SUIT NO. CM/0048/2016
Citation No.	[2019]DLHC7151

HIS LORDSHIP GEORGE K. KOOMSON ‘J’.

A. A. AKUAKU JNR. FOR RECEIVERS/MANAGERS/APPLICANT

EUGENE AMPONSAH FOR RESPONDENT

MARGARET OWUSU FOR PLAINTIFF

[2019]DLHC7151
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													<main id="main" class="content" style="min-height: 60rem" >ACCESS BANK GHANA
LIMITED<o:p></o:p>(PLAINTIFF)<o:p></o:p>vs.<o:p></o:p>MARKET DIRECT COMPANY
LIMITED&amp; ORS<o:p></o:p>(DEFENDANTS)<o:p></o:p>AND<o:p></o:p>IN THE MATTER OF
APPLICATION BY THE RECIEVERS/MANAGERS OF 1ST DEFENDANT FOR AN ORDER FOR THE
RESPONDENT – CAL BANK LIMITED TO RENDER ACCOUNTS AND RETIRE FUNDS<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/0048/2016&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &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 APRIL, 2019<o:p></o:p>

</div>COUNSEL: <o:p></o:p>A. A. AKUAKU JNR. FOR
RECEIVERS/MANAGERS/APPLICANT<o:p></o:p>EUGENE AMPONSAH FOR
RESPONDENT<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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MARGARET OWUSU FOR PLAINTIFF <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;
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<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 Receivers/Managers of 1st Defendant Company, Market
Direct Company Limited seek an order of the Court for Cal Bank, the Respondent
herein to furnish statements of all the accounts of the 1st
Defendant with Cal Bank Limited to the Receivers/Managers. A further order for
Cal Bank Limited to render accounts to the Receivers/Managers of all proceeds
of sale of stock of the 1st Defendant collected by Cal Bank Limited from
14th April, 2016 till date and a further order for Cal Bank to
retire all proceeds of sale of stock of the 1st Defendant collected
by Cal Bank Limited or its agents from 14th April, 2016 till date to
the Receivers/Managers.&nbsp; The
Receivers/Managers further seek an order for Cal Bank Limited to retire all
other funds of the 1st Defendant in its possession from any sources
or whatsoever to the Receivers/Managers.&nbsp;
<o:p></o:p>The Respondent
herein Cal Bank Limited raised a preliminary legal objection to the application
filed by the Receivers on the ground that Cal Bank Limited obtained an order
from the High Court dated 25th April, 2016 for Cal Bank Limited to
collect all proceeds from stock of the 1st Defendant Company as per
their facility agreement executed between Cal Bank Limited and Market
Direct.&nbsp; The other ground upon which the
objection is based is that, Cal Bank Limited is not a party to the suit from
which the Receivers/Managers were appointed.<o:p></o:p>I have read the
application, the supporting affidavits and the affidavits in opposition. I have
also given consideration to the oral submissions made by Counsel for and
against the grant of the application.&nbsp;
Consideration has also been given to the order made by my Sister on the
25th of April, 2016 in Suit No. GJ/156/2016. Regard has also been
given to the provisions of Part T of the Companies Act 1963 (Act 179) relating
to Appointment and Powers of Receivers and Managers. It is however useful for
me to refer to Section 238 of Companies Act of 1963 (Act 179) which provides:<o:p></o:p>“(1)
&nbsp;&nbsp;&nbsp;&nbsp; A person appointed receiver of a
property of a company shall, subject to the rights of any prior encumbrances,
take possession of and protect the property, receive the rents and profits and
discharge the outgoings in respect of the property and realize the security of
those on whose behalf that person is appointed; but unless also appointed
manager that person shall not carry on any business or undertaking.<o:p></o:p>(2)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A person appointed manager of the
whole or a part of the undertaking of a company shall manage the undertaking
with a view to the beneficial realization of the security of those on whose
behalf the appointment is made.<o:p></o:p>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From the date of appointment of a
receiver or manager the powers of the directors or liquidators in a members’
voluntary liquidation to deal with the property or undertaking over which the
receiver or manager is appointed shall cease unless the receiver or manager is
discharged.<o:p></o:p>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If, on the appointment of a receiver or
manager, the company is being wound up under the Bodies Corporate (Official
Liquidations) Act, 1963 (Act 180) or the property concerned is in the hands of
any other officer of the Court, the liquidator or officer is not bound to
relinquish control of the property to the receiver or manager exc</main>