KANU EQUIPMENT GHANA LIMITED vs KETE-KRACHIE TIMBER RECOVER COMPANY
October 11, 2022
HIGH COURT
GHANA
CORAM
- HER LADYSHIP JUSTICE AFI AGBANU KUDOMOR (MRS.)
Areas of Law
- Civil Procedure
- Contract Law
October 11, 2022
HIGH COURT
GHANA
CORAM
AI Generated Summary
The Commercial Division of the High Court in Accra adopted the parties ? Terms of Settlement as a consent judgment in a dispute over a second-hand Liebherr Excavator Model R934C. The Plaintiff initially sought the Ghana-cedi equivalent of USD 122,281 as outstanding purchase price and USD 5,000 for restructuring the debt, plus interest at the GCB Bank lending rate, general damages, and costs. On 23 February 2022, Justice Afi Agbanu Kudomor entered judgment awarding GH ?725,676.36 with interest and GH ?40,000 costs, followed by entry of judgment totalling GH ?874,527.81. The Plaintiff obtained a writ of fieri facias; the Sheriff ?s Department attached a Toyota Land Cruiser and other items. The Defendant applied to set aside the default judgment. The parties ? settlement requires immediate and instalment payments, additional costs and legal fees, issuance of post-dated cheques, transfer of title upon final payment, warranties, an entire agreement clause, notices, and a default clause permitting levy of execution upon non-compliance, all of which the Court adopted.
1. Whereas the Plaintiff commenced an action in this Honourable Court against the Defendant herein claiming the following reliefs endorsed on its Writ of Summons filed on the 21st day of December, 2021:
a. An Order for the recovery of the sum of Seven Hundred and Twenty–Five Thousand, Six Hundred and Seventy-Six Ghana Cedis, Thirty-Six Pesewas (GH¢725,676.36) representing the Ghana Cedi equivalent of the outstanding purchase price in the sum of One Hundred and Twenty-Two Thousand, Two Hundred and Eighty-One United States Dollars (USD122,281.00) for the sale of a second hand Liebherr Excavator Model R934C and a fee of Five Thousand United States Dollars (USD5,000.00) to restructure the said debt by way of a Debt Repayment Agreement.
b. Interest on the sum of Seven Hundred and Twenty–Five Thousand, Six Hundred and Seventy-Six Ghana Cedis, Thirty-Six Pesewas (GH¢725,676.36) at the GCB Bank lending from 16th June, 2021up to and until the date of final payment.
c. General damages for breach of contract
d. Costs, including legal fees.
2. On 23rd February 2022, Her ladyship Justice Afi Agbanu Kudomor entered judgment for the Plaintiff to recover from the Defendant.
a. The sum of Seven Hundred and Twenty–Five Thousand, Six Hundred and Seventy-Six Ghana Cedis, Thirty-Six Pesewas (GH¢725,676.36)
b. Interest on the sum of Seven Hundred and Twenty–Five Thousand, Six Hundred and Seventy-Six Ghana Cedis, Thirty-Six Pesewas (GH¢725,676.36) at the GCB lending rate from 16th June 2021 up to and until the date of final payment.
c. Costs in the sum of Forty Thousand Ghana Cedis (GH¢40,000.00)
3. On 17th March 2022, the Plaintiff filed an Entry of Judgment in the sum of Eight Hundred and Seventy-four Thousand, Five Hundred and Twenty-Seven, Eighty- One Pesewas (GH¢874,527.81) representing.
a. The judgment debt in the sum of Seven Hundred and Twenty–Five Thousand, Six Hundred and Seventy-Six Ghana Cedis, Thirty-Six Pesewas (GH¢725,676.36)
b. Interest on the judgment debt at the GCB lending rate of 20% per annum, from 16th June 2021 up to 17th March 2022 ( the date of Entry of Judgment) in the sum of One Hundred and Eight Thousand, Eight Hundred and Fifty-One Ghana Cedis, Forty-five Pesewas (GH¢108,851.45)
c. Costs in the sum of Forty Thousand Ghana Cedis (GH¢40,000.00)
4. On 26th April 2022 the Plaintiff filed an application for Writ of Fieri Facias to issue to seal off the Defendant’s offices and to attach all movable property belonging to the Defendant.
5.