THE REGISTRAR OF COMPANIES AND MUTUAL INTEGRITY LIMITED [2020]DLHC9980

Date	2020-07-29
Suit No.	SUIT NO. CM/WBC/0301/2020
Citation No.	[2020]DLHC9980

HER LADYSHIP JUSTICE ANGELINA MENSAH-HOMIAH (MRS.)

GLORIA COFIE WITH EBO DANTSE FOR THE PETITIONER

ABDUL-GAFAR ABLORH ABORDO FOR FRANK BOAKYE AGYEN FOR THE RESPONDENT

[2020]DLHC9980
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													<main id="main" class="content" style="min-height: 60rem" >IN THE MATTER OF MUTUAL INTEGRITY&nbsp; LIMITED LIMITED<o:p></o:p>AND<o:p></o:p>IN THE MATTER OF THE BODIES CORPORATE (OFFICIAL LIQUIDATIONS)
ACT, 1963 (ACT 180)<o:p></o:p>AND<o:p></o:p>IN THE MATTER OF A PETITION BY THE REGISTRAR OF COMPANIES
PRAYING FOR AN ORDER FOR THE OFFICIAL WINDING UP OF INTERMARKET ASSET
MANAGEMENT LIMITED<o:p></o:p>THE REGISTRAR OF COMPANIES<o:p></o:p>(PETITIONER)<o:p></o:p>AND<o:p></o:p>MUTUAL INTEGRITY&nbsp;
LIMITED<span style="font-size:12.0pt;line-height:150%;font-family:&quot;Book Antiqua&quot;,serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;mso-bidi-font-family:Calibri;
mso-bidi-theme-font:minor-latin;color:#00B0F0"><o:p></o:p>(RESPONDENT)<o:p></o:p>[HIGH COURT,
ACCRA]<o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

</div>COUNSEL:<o:p></o:p>GLORIA
COFIE WITH EBO DANTSE FOR THE PETITIONER <o:p></o:p><div style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom-width: 1.5pt; border-bottom-color: windowtext; padding: 0cm 0cm 1pt;">

ABDUL-GAFAR ABLORH ABORDO FOR FRANK BOAKYE AGYEN FOR THE
RESPONDENT <o:p></o:p>

</div>CORAM:<o:p></o:p>HER LADYSHIP JUSTICE ANGELINA MENSAH-HOMIAH (MRS.)<o:p></o:p><div style="border-top-width: 1.5pt; border-top-color: windowtext; border-left: none; border-bottom-width: 1.5pt; border-bottom-color: windowtext; border-right: none; padding: 1pt 0cm;">

<p class="MsoNormal" align="center" style="margin-bottom:0cm;margin-bottom:.0001pt;
text-align:center;line-height:150%;tab-stops:28.8pt center 234.0pt;border:none;
mso-border-top-alt:solid windowtext 1.5pt;mso-border-bottom-alt:solid windowtext 1.5pt;
padding:0cm;mso-padding-alt:1.0pt 0cm 1.0pt 0cm">RULING<o:p></o:p>

</div>&nbsp;On 5th
December, 2019, the Registrar of Companies filed the instant Petition for the
official winding up of Mutual Integrity Limited, the Respondent herein. The
main ground for the petition is that, the Respondent has failed to pay its
clients Investments and as of 6th September, 2-19, the Company owed
its clients GH₵687,532.37.<o:p></o:p>The
Respondent filed an Answer on 26th June, 2020 wherein it attributed the
inability to repay its matured obligations to the fact that it had funds in
placements locked up with other financial institutions who had been affected by
the financial sector clean up. The Respondent further stated that the Company
has sufficient assets by way of debts and investments with persons and entities
which ought to be recovered by the Liquidator, Receiver and/or its agents who
have taken over the affairs and books of the Company. It was deposed on behalf
of the Respondent deposed that, having been kicked out of its offices, it has
no means of ascertaining the current state of affairs of the Company.<o:p></o:p>In an
affidavit in support of the Petition filed on 19th June, 2020, the
Petitioner maintained its stance that the Respondent is unable to pay its
debts. The reasons are encapsulated in the 19-paragraphed affidavit and the Exhibits
attached thereto, which I have examined. <o:p></o:p>Exhibit
‘A’ is a list of thirty-eight (38) Claimants who filed claims against the
Respondent at the Securities and Exchange Commission (SEC) between 12th
June, 2018 and 11th July, 2019. &nbsp;Exhibit B consists of a complaint of
non-payment of funds lodged against the Respondent by one Robert Biney Bekoe on
22nd May, 2019. Having heard the Complainant therein and the
Respondent, the SEC directed the Respondent to pay the sums of GH₵6,878.
75&nbsp;&nbsp; by 7th August, 2019, and
GH₵2000.00
by 15th August, 2019 to the Complainant. &nbsp;<o:p></o:p>Similarly,
Exhibit C series shows that one Frederick Oscar Kwofie lodged a complaint
against the Respondent at the SEC on 29th April, 2019 regarding his
unpaid investments. The Respondent failed to comply with a payment plan agreed
on. SEC wrote to both&nbsp; the
R</main>