LOIC DEVOS JUNIOR vs KWAW WORSEMAN BLAY & ANOTHER

This is an application for an order to stay proceedings filed on the 1st of March 2023 on behalf of the 2nd Respondent on the Applicant/Respondent’s application for leave to bring derivative proceedings in the name of Gold Coast Expo Limited (Gold Coast) filled on 17th February, 2023.

In an Affidavit in Support which was filed on behalf of one Mathew Mba a Law Clerk with Counsel for 2nd Respondent, the gravamen of the case of 2nd Respondent/Applicant is that this Honourable Court ought to stay the proceedings in this matter because there is a pending official winding-up proceeding against Gold Coast Expo Limited (the “Company”). The said action is entitled Press Xpress Limited v. Loic Devos Junior, Gold Coast Expo Limited & anor. (Suit No. CM/WBC/0910/2021)(“Winding Up Proceedings”) and is currently pending before this Honourable Court (differently constituted); EXHIBIT ‘MM 1’. That the 2nd Respondent herein is a party to the Winding Up Proceedings and has actively participated in the said proceedings by filing an Answer to the Winding Up Petition on 15th July 2022; EXHIBIT ‘MM 2’. That the Winding Up Proceedings are currently pending, and the Court Registrar is yet to issue a notice for the parties to appear before this Honourable Court.  That notwithstanding the pendency of the Winding Up Proceedings against the Company, the Applicant/Respondent has filed an application (“Derivative Action Application”) on 17th February 2023 for leave to bring a derivative action on behalf of the Company against the 2nd Respondent/Applicant and the 1st Respondent (Kwaw Blay) essentially for the Applicant and the 1st Respondent to account and refund some amounts to the Company, among others; EXHIBIT ‘MM 3’. Considering that, the Winding Up Proceedings are still pending against the Company, this Honourable Court ought to stay the proceedings on the Derivative Action Application until the determination of the Winding Up Proceedings. Again, considering that the Winding Up Proceedings seek to extinguish the operations of the Company, the Derivative Action application filed by the Applicant/Respondent will not serve any useful purpose. Any issues of accounts are issues that could properly be addressed in the cause of the Winding Up Proceedings. That by disregarding the pending Winding Up Proceedings and filing the Derivative Action Application, the Respondent is only abusing the process of this Honourable Court. Accordingly, this Honourable Court ought to dismiss or stay the