THE REGISTRAR OF COMPANIES AND WESTON CAPITAL LIMITED [2020]DLHC9993

Date	2020-07-29
Suit No.	SUIT NO.CM/WBC/0322/2020
Citation No.	[2020]DLHC9993

HER LADYSHIP JUSTICE ANGELINA MENSAH-HOMIAH (MRS.)

GLORIA COFIE WITH EBO DANTSE FOR THE PETITIONER

IVAN MENSAH DADZIE FOR THE RESPONDENT

[2020]DLHC9993
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													<main id="main" class="content" style="min-height: 60rem" >IN THE MATTER OF WESTON CAPITAL&nbsp; 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>WESTON CAPITAL&nbsp; 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>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;">

IVAN MENSAH DADZIE 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="mso-margin-top-alt:auto;mso-margin-bottom-alt:
auto;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>On 12th
December, 2019, the Registrar of Companies filed a petition before this court
for the official winding up of Weston Capital Limited pursuant to the Bodies
Corporate (Official Liquidations) Act,1963 (Act 180) on the ground that Company
owes its clients a total of GH₵2,019,907.54 which it is unable to pay. In its
answer to the petition filed on 13th July, 2020, the Respondent
denied the assertions made by the Petitioner and proceeded to assign reasons
for the delayed payments.<o:p></o:p>It is important
to place on record that, Act 180 has been repealed by the Corporate Insolvency
and Restructuring Act, 2020 (Act 1015) which was gazetted on 30th
April, 2020. Despite the repeal, the present petition would continue in view of
section 170 (2) of the Act. It reads:<o:p></o:p>“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>The reasons for
this petition are captured in the 20- paragraphed affidavit in support filed on
26th June, 2020; the supplementary affidavit in support filed on 20th
July, 2020 as well as the exhibits attached to them. According to the
Petitioner, several clients of the Respondent have lodged clams against it
pertaining to non-payment of investments. Exhibit ‘A’ is a list indicating the
amounts due to the Complainants; the total figure is GH₵2,023, 907.54.
This figure and other regulatory breaches were brought to the attention of the
Company through its director, Mr. Yaw Emmanuel Dwumfour- Boadu by a letter from
the Securities and Exchange Commission, exhibit ‘B’. &nbsp;The Petitioner’s Exhibit ‘E’ series also
contain details of unresolved complaints and the amounts due to the
Complainants therein. I would comment on a few of those complaints: (i)
Boadi-Mensah Bethuel Sarpong’s investment matured on 20th September,
2016 with a face value of GH₵208,425.19; a joint investment in the names of
George Mensah Bethuel Sarpong and Nixon N. Asante also matured on 11th
August, 2016 with a face value of GH