THE REGISTRAR OF COMPANIES AND ULTIMATE TRUST FUND MANAGEMENT LIMITED [2020]DLHC9992

Date	2020-07-29
Suit No.	SUIT NO.CM/WBC/0300/2020
Citation No.	[2020]DLHC9992

HER LADYSHIP JUSTICE ANGELINA MENSAH-HOMIAH (MRS.)

GLORIA COFIE WITH EBO DANTSE FOR THE PETITIONER

[2020]DLHC9992
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													<main id="main" class="content" style="min-height: 60rem" >IN THE MATTER OF ULTIMATE TRUST FUND MANAGEMENT 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>AND<o:p></o:p>ULTIMATE TRUST FUND MANAGEMENT LIMITED<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><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;">

GLORIA COFIE WITH
EBO DANTSE FOR THE PETITIONER<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%;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 invoked the jurisdiction of this
court by filing a petition for the official liquidation of Ultimate Trust Fund
Management Limited. The Petition was brought pursuant to the Bodies
Corporate (Official Liquidations) Act, 1963 (Act 180) and duly
served on the Respondent Company by a publication in the Wednesday, June 3rd,
2020 edition of the Ghanaian Times Newspaper, specifically at page 22. Copies
were also posted at the last known place of business of the Respondent at
Lashibi. (See affidavit of posting sworn by Seth Morttey and dated 10th
June, 2020). For ease of reference, the parties would be referred to as the
Petitioner and Respondent simpliciter. <o:p></o:p>Before
I proceed to determine the Petition on its merits, it ought to be placed on
record that Act 180 was repealed by the Corporate Insolvency and
Restructuring Act, 2020 (Act 1015) which was gazetted on 30th
April, 2020. However, upon reading&nbsp;&nbsp;
savings section, i.e. section 170(2), I am confident that the present
petition commenced under the old law can be continued. Section 170 (2) reads:<o:p></o:p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; “2. Despite the repeal of Act 180, the
Regulations, notices, orders, directions, appointments or any other act
lawfully made or done under the repealed enactment and in force
immediately before the commencement of this Act shall be considered to have
been made or done under this Act and shall continue to have effect until
reviewed, cancelled or terminated.”<o:p></o:p>It
is observed that despite service of the petition, affidavit in support and
numerous hearing notices on the Respondent through its registered postal
address (P.O. Box KA 9233, KIA, Accra; as well as &nbsp;postings at its last known place of business,
no process was filed on its behalf to challenge the Petition. <o:p></o:p>The
crux of the Petition is that the Respondent is unable to pay its debts and
ought to be put into official liquidation. The law is settled that a party who
comes to court to seek any relief must demonstrate that he or she is entitled
to that relief. Unless this burden of proof is discharged, no ruling can be
made in favour of such a person or entity. Thus, in Okudzeto Ablakwa
(No.2) &amp; Anor v. Attorney-General &amp; Obetsebi-Lamptey (No.2) (2012)2
SCGLR 845 at 867 the Supreme Court held:<o:p></o:p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; “…
If a party goes to Court to make an allegation, the onus is on him to lead
evidence to prove that allegation, unless that allegation is admitted. If he
fails to do that, the ruling on that allegation will go against him. More
explicitly, a party cannot win a case in Court on an allegation which he fails
to prove.”<o:p></o:p>&nbsp;Even tho</main>