HUAWEI TECHNOLOGIES INVESTMENT COMPANY LIMITED vs SURFLINE COMMUNICATIONS LIMITED & ANOTHER
May 23, 2018
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE JANAPARE BARTELS-KODWO (MRS.)
Areas of Law
- Civil Procedure
- Commercial Law
May 23, 2018
HIGH COURT
GHANA
CORAM
AI Generated Summary
Huawei Technologies Investment Company Limited, as judgment creditor, and Woodfields Energy Limited, a judgment debtor identified as the second defendant acting also for the first defendant, resolved a post‑judgment debt through terms of settlement filed on May 18, 2018. An earlier High Court entry of judgment on December 5, 2017 had assessed the defendants to pay US$1,140,584.20 and GH¢10,000.00, and the Court issued a Garnishee Order Nisi on April 24, 2018 against garnishee banks. Under the settlement, Huawei waived US$100,000, leaving US$1,040,584.20 plus GH¢10,000.00 to be paid by seven specified cheques, including US$400,000 and GH¢10,000 dated May 14, 2018, and five monthly cheques of US$126,116.84 through October 2018. The parties agreed that upon delivery of the cheques, the garnishee and other enforcement proceedings would be discharged, and a default clause provided that any missed installment would make the full judgment amount immediately due with interest and allow execution without further order. On the plaintiff’s counsel’s prayer, the High Court adopted the terms as a consent judgment and discharged the garnishee order.
WHEREAS: i. By the Entry of Judgment filed in this suit on 5th December 2017, the Defendants were assessed to pay to the Plaintiff total judgment debt of US$1, 140, 584. 20 and GH¢10, 000. 00; ii.
The Plaintiff has subsequently garnished the Defendants’/Judgment/Debtors’ accounts pursuant to a Garnishee Order Nisi issued by the Court on 24th April, 2018; and iii.
The Parties are desirous of entering into this Terms of Settlement to provide for the settlement of the Judgment debt and discharge of the Garnishee Order Nisi.
NOW THIS AGREEMENT WITNESSES, AS FOLLOWS: 1. In consideration of the mutual goodwill established between the parties, the Plaintiff hereby waives off the Judgment debt, the sum of $100, 000. 00, leaving an outstanding balance of $1, 040, 584. 20 and GH¢10, 000. 00 to be paid by the Defendants/Judgment/Debtors to the Plaintiff/Judgment/Creditor; 2. The parties have agreed that the 2nd Defendant (for itself and on behalf of the 1st Defendant) shall issue seven cheques in favour of the Plaintiff and deliver to the Plaintiff in settlement of the outstanding judgment debt, as follows: (a) 200027 for US$400, 000. 00 dated 14th May, 2018; (b) 200060 for GH¢10, 000. 00 dated 14th May, 2018; (c) 200022 for US$126, 116. 84 post-dated 14th June, 2018; (d) 200023 for US$126, 116. 84 post-dated 14th July, 2018; (e) 200024 for US$126, 116. 84 post-dated 14th August, 2018; (f) 200025 for US$126, 116. 84 post-dated 14th September, 2018; and finally(g) 200026 for US$126, 116. 84 post-dated 14th October, 2018. 3. Upon delivery of the said cheques to the Plaintiff and execution of this Terms of Settlement, the Court shall discharge the Defendants accounts from the Garnishee Order Nisi and shall also be discharged from all other pending enforcement proceedings forthwith.
4. It is further agreed that if there shall be default by the 2nd Defendant in the payment of any one instalment or part thereof as herein set out, then the full amount indorsed on the Entry of Judgment, being the sum of US$1, 140, 584. 20 and GH¢10, 000. 00, together with interest, shall become immediately due and payable less any and all instalmental payments made by either Defendant and Plaintiff shall be entitled in such an event to levy execution against either or both Defendants for the outstanding balance without obtaining a further order from the Court.
SIGNED BY: …………………………………………. . …………………………………HUAWEI TECHNOLOGIES INVESTMENT COMPANY LIMITED WOODFIELDS ENGERY LIMITED(PLAINTIFF)