GH - MEYIRI COMPANY LIMITED vs SIC-FINANCIALSERVICES LIMITED & ANOTHER

On the 15th day of October, 2021 an originating motion on notice for the official winding up of SIC-Financial Services Limited was filed in the Registry of this Court pursuant to Section 84 of the Corporate Insolvency and Restructuring Act, 2020 (ACT 1015). An Affidavit in Support of the Application which was attached to the motion was sworn to by the Company Secretary of the Applicant, Roger Angsomwine Jnr. The Applicant is a Company engaged in the business of general trading, import and export of general pharmaceutical products whilst the 1st Respondent is a company engaged in the business of providing fund management services. The 2nd Respondent is charged with the registration and incorporation of companies in Ghana.

It is the case of the Applicant that on the 14th of December, 2018 it invested an amount of Two Million Ghana Cedis (GHC 2,000,000.00) with the 1st Respondent for a period of 182 days in a discretionary/investment and advisory account with maturity date of 14th June 2019. At maturity, the anticipated investment was Two Million One hundred and Sixty-Nine Thousand Five Hundred and Thirty-Four Cedis Twenty-Five Pesewas (GHC2,169,534.25) being the sum of principal and interest thereon. On the maturity date, the Applicant made a demand for the principal and interest but same was not forthcoming from the 1st Respondent.

According to the Applicant, it commenced an action on the 10th of December 2019 against the 1st Respondent for the recovery of the said amount. On 5th June, the parties agreed on Terms of Settlement of the matured investment debt by 18 months instalments and same were adopted as Judgment of Court. Subsequently, when the Respondent failed to honour the Terms of Settlement, the Applicant commenced Garnishee proceedings against the 1st Respondent and was able to retrieve the sum of GHC293,343.90. The Applicant has exhausted the execution process pursuant to the rules of Court and has been unsuccessful in recovering the Judgment Debt owed in full. The outstanding balance to be recovered from 1st Respondent stands at GHC1,876.190.35 exclusive of costs. That where a company is unable to pay its debts after an Execution or other process issued on a Judgment or Order of the Court in favour of a Creditor of a company is returned unsatisfied in whole or in part, the Creditor may present a petition for the official winding up of the company. Applicant prayed for an order winding up the 1st Respondent.

In an Affidavit in Opposition filed

MEYIRI COMPANY LIMITED vs SIC-FINANCIALSERVICES LIMITED & ANOTHER

Areas of Law

JUDGMENT