GH - CAPITAL RELIANCE MONEY & ANOR VS RAPHAEL AYITEY-WILLS AND ANOTHER

On the 11th of September, 2018, the Plaintiff instituted the instant action against the Defendants for the following reliefs as endorsed on the Writ of Summons and the Statement of Claim: a. Recovery of the sum of GH¢ 47, 540. 00 being the amount due (principal and interest) and owing in respect of the loan facility advanced to 1st Defendant as at June 30, 2018. b. Interest including penal interest on GH¢ 47, 540. 00 from June 30, 2018 at the agreed monthly interest rate of 6% until the date of final payment.

c. Cost and further order(s) as this Honourable Court may deem fit.

The gravamen of the Plaintiff’s claim is contained in paragraphs 2 to 10 of the Statement of Claim, a summation of which as follows: According to the Plaintiff, in June 2017, it advanced a working capital loan facility in the sum of GH¢30, 000. 00 to the 1st Defendant at his request. That the loan facility was to be paid within three (3) months, at an interest rate of 6% per month, expiring in September 2017. The Plaintiff states that the Defendant agreed to pay at the end of the aforementioned period an amount of GH¢35, 850. 00 being the principal amount of GH¢30, 000. 00 and interest of GH¢5, 850. 00. The Plaintiff continues that the facility was secured by a personal guarantee by the 2nd Defendant.

That per the agreement, the 1st Defendant agreed to a charge of penal interest at a rate of 3% per month in the event of a failure of the 1st Defendant to retire or renew the facility before the stipulated expiry date.

The Plaintiff claims that although by virtue of the terms of the loan facility, the principal sum as well as the accrued interests were due to be paid in full on or before September 2017, the said date has since elapsed without the 1st Defendant honouring his side of the bargain.

The Plaintiff says further that despite several demands on the 1st Defendant to liquidate his indebtedness to it, with notice of same given to the 2nd Defendant, the 1st Defendant has only paid an amount of GH¢5, 860. 00, leaving an outstanding balance of GH¢29, 990. 00. The Plaintiff concludes that as at June 30, 2018, the total indebtedness of the Defendants stood at GH¢47, 540. 00, with interest continuing to accrue thereon.

The Writ of Summons and Statement of Claim were served on the 1st and 2nd Defendants on 17th September 2018 and 25th September, 2018 respectively.

From the records of the Court, the Defendants have to date failed to enter appearance.

The Defendants, on 13th March, 2

c. Cost and further order(s) as this Honourable Court may deem fit.

The Writ of Summons and Statement of Claim were served on the 1st and 2nd Defendants on 17th September 2018 and 25th September, 2018 respectively.

From the records of the Court, the Defendants have to date failed to enter appearance.

The Defendants, on 13th March, 2

CAPITAL RELIANCE MONEY & ANOR VS RAPHAEL AYITEY-WILLS AND ANOTHER

Areas of Law

JUDGMENT