Pan Africa Saving & Loans Limited Vrs Elorm Kokou & Anor. [2023] GHACC 510 (28 February 2023)

Pan Africa Saving & Loans Limited Vrs Elorm Kokou & Anor. [2023] GHACC 510 (28 February 2023)

The Plaintiff proved its claim on a balance of probabilities, the Defendants failed to appear or challenge the evidence, and the court found the Defendants jointly and severally liable for the outstanding debt, interest, and costs as claimed.

Citation
[2023] GHACC 510
Parties
Plaintiff: Pan African Savings and Loans Ltd; 1st Defendant: Elorm Kokou; 2nd Defendant: Moris Kotei Neequaye
Court
Circuit Court
Jurisdiction
Ghana
Judgment Date
28 February 2023
Procedural Posture
Civil / Judgment
Outcome
Judgment for Plaintiff
Legal Topics
Loan Default, Personal Guarantee, Interest on Debt, Civil Procedure Default Judgment
Source Language
English
Banking Law Contract Law Loan Default Personal Guarantee Interest on Debt Civil Procedure Default Judgment

Case Brief

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Parties

Pan African Savings and Loans Ltd

Plaintiff

Elorm Kokou

1st Defendant

Moris Kotei Neequaye

2nd Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether the 2nd Defendant gave a personal guarantee for the credit facility of GHC100,000.00 to the 1st Defendant
  2. 2 Whether the Defendants agreed to pay an additional interest of 5% for delay or default payment
  3. 3 Whether the Defendants are in breach of the repayment terms

Ratio Decidendi

The Plaintiff proved its claim on a balance of probabilities, the Defendants failed to appear or challenge the evidence, and the court found the Defendants jointly and severally liable for the outstanding debt, interest, and costs as claimed.

Court Disposition

Judgment for Plaintiff

Orders

  • 1st and 2nd Defendants are jointly and severally liable to pay GHC61,145.70 as at April 2021
  • Interest of 3.5% and default interest of 5% per month on GHC61,145.70 from April 2021 until final payment