GH - C. O. NYANOR v. J. K. FORSON _ MENLEO ENTERPRISE LTD. _ ORS

ANIN YEBOAH

This is a motion for stay of execution brought by the 1st Co-Respondent/ Applicant (hereinafter called the Applicant) praying this Honourable Court for stay of execution of the judgment of Her Lordship Mrs. Justice Owusu-Arhin delivered on 28/7/2003. The Applicant/Respondent (hereinafter called the Respondent) by originating motion on notice before the High Court, Accra prayed the court to order the official Liquidator [the sole respondent] to the action to declare the assets of Metal Factory [Bibiani] Limited and a declaration that the fully paid shareholders of Metal Factory (Bibiani) Limited in value and Shereholding are as follows—

VALUE SHAREHOLDINGS

C.O. NYANOR ¢5,500,00 5,500,00

MENLEO ENT. LTM 600,000 600,000

STATE GOLD MINIG

COPRORATION 250,000 250,000

And that the liquidator has to distribute the Net Assets of Metal Factory (Bibiani) Limited in liquidation in proportion to the above shareholdings:

ALTERNATIVELY

3. That the creditors of Metal Factory (Bibiani) Limited who are entitled to be paid dividends out Net Assets of Metal Factory (Bibiani) Limited in Liquidation are as follows:

C. O. NYANOR ¢5,500,000.00

MENLEO ENTERPRISE LTD. 600,000.00

STATE GOLD MINING CORPORATION 250,000.00

BIBIANI INDUSTRIAL COMPLEX OR

OVERSEAS INVESTMENT CO. LTD. 250,000.00

It appears from the judgment that the action was brought by the Respondent herein after the METAL FACTORY (BIBIANI) Limited (hereinafter called the Company) had decided to wind up and had indeed appointed an official liquidator in the person of one J. K. FORSON who was the sole respondent in this case at the court below as a liquidator under the Bodies Corporate (Official Liquidation) Act, Act 180 of 1963. The Respondent's case was based on the fact that the company had raised the shareholdings and allotted shares to him for which he paid for at ¢5,250,000. He deposed that he was given share Certificate and a receipt to evidence the transaction. It appears that this contention of the Respondent that he paid for the shares and that the official liquidator should accept same as his shareholding in the company was not accepted by the official liquidator. The Respondent commenced this action at the High Court, Accra for the reliefs referred to above. In course of the hearing of the ac three shareholders, namely: MENLEO ENTERPRISES LIMITED, STATE GOLD MINING CORPORATION and BIBIANI INDUSTRIAL COMPLEX LIMITED were all joined as Co-Respondents at the instance of the Respond