HUAWEI TECHNOLOGIES INVESTMENT COMPANY LIMITED vs SURFLINE COMMUNICATIONS LIMITED & ANOTHER
2018
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE JANAPARE BARTELS-KODWO (MRS.)
Areas of Law
- Civil Procedure
- Contract Law
2018
HIGH COURT
GHANA
CORAM
AI Generated Summary
This case involves a post-judgment settlement agreement between Huawei Technologies Investment Company Limited (Plaintiff) and Woodfields Energy Limited (Defendants). The original judgment, filed on December 5, 2017, required the Defendants to pay US$1,140,584.20 and GH¢10,000.00. After the Plaintiff garnished the Defendants' accounts, the parties agreed to settle the debt. The settlement terms include: 1. The Plaintiff waived $100,000 of the judgment debt. 2. The remaining balance of $1,040,584.20 and GH¢10,000.00 to be paid through seven cheques issued by the 2nd Defendant. 3. Upon delivery of the cheques and execution of the settlement, the Garnishee Order Nisi would be discharged. 4. A default clause stipulating that if any payment is missed, the full original judgment amount becomes due immediately. The court adopted this settlement agreement as its Consent Judgment on May 18, 2018, subject to the default clause. The Garnishee Order Nisi was discharged as part of this agreement. This case demonstrates the court's willingness to adopt post-judgment settlement agreements default clauses to resolve judgment debts.
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)