BANK OF AFRICA GHANA LTD vs BGC INTERNATIONAL DMMC. GH. LTD & 3 ORS

The present motion filed by the Respondents/Applicants (Respondents) seek an order staying execution of the Consent Judgement of this Court dated the 9th of March, 2021.

The Respondents’ case in sum is that, they had, following the adoption of Terms of Settlement (TOS) reached between them, made arrangements towards liquidating its indebtedness to the Applicant/Respondent (Applicant).

As of the 17th of July 2022, the amount outstanding on the Respondents’ debt was Seven Million Ghana Cedis (GH¢ 7,000,000.00.). Respondents therefore wrote Exhibit JOB 2 to the Applicant explaining the cause of the delay in making good its indebtedness and sought an extension of 3 months from the date of the said letter to settle its debt fully.

Respondents say settlement has not broken down between the Parties. However their attention has been drawn to a newspaper publication by which the Applicant is offering for sale two of the properties furnished as security for the loan taken by the Respondents.

Respondents further contend that the attempt by the Applicant to sell the said properties is in clear violation of the rules of this Court for the following reasons:

1. The Applicant has failed to file and serve Entry of judgment on the Respondents as a condition precedent to going into execution

2. The Applicant has failed to cause a valuation of property

3. The Applicant has failed to seek leave of this Court to go into execution of its Consent Judgement.

4. The Property has not been attached by writ of fifa prior to the Applicant offering same for sale

The Application is vehemently opposed. Applicant says that the Respondents pursuant to the TOS, executed a Deed of Assignment in favour of the Applicant upon the adoption of the said TOS.

Applicant points this Court to Paragraph 7 which provides that the Applicant shall exercise all rights of ownership over the assigned property, including registering /perfecting it its name and disposing of same to defray the Respondents’ debt, if the Respondents failed or were unable to pay the outstanding amount of Eleven Million Ghana Cedis (GH¢ 11,000,000.00) together with interest within 12 months from the date of the execution of the Deed of Assignment.

Applicant contends that, pursuant to the Parties’ agreement that title in the property would automatically pass to the Applicant upon the Respondents’ failure to pay the debt within the stipulated time, ownership of the said property was currently vested in the Applicant fo