Aspeco Corp Vrs Europa Pee Co. Ltd [2023] GHAHC 33 (27 June 2023)

Aspeco Corp Vrs Europa Pee Co. Ltd [2023] GHAHC 33 (27 June 2023)

The court found that although the main sum sought to be preserved was no longer available in the respondent's account, any remaining funds should be preserved pending arbitration, as justice requires preservation of whatever balance exists.

Citation
[2023] GHAHC 33
Parties
Applicant: Aspeco Corp; 1st Respondent: Europa Pee Co. Ltd; Respondents: Europa Pee Co. Ltd & Anor
Court
High Court
Jurisdiction
Ghana
Judgment Date
27 June 2023
Procedural Posture
Originating Motion for Preservation of Funds / Judgment
Outcome
Application granted in part
Legal Topics
Preservation of Funds, Interlocutory Relief, Jurisdiction, Burden of Proof
Source Language
English
Commercial Law Arbitration Preservation of Funds Interlocutory Relief Jurisdiction Burden of Proof

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Parties

Aspeco Corp

Applicant

Europa Pee Co. Ltd

1st Respondent

Europa Pee Co. Ltd & Anor

Respondents

Procedural Posture

Originating Motion for Preservation of Funds / Judgment

Legal Issues

  1. 1 Whether the court should order preservation of funds in the respondent's bank account pending arbitration
  2. 2 Whether the funds sought to be preserved are available in the respondent's account

Ratio Decidendi

The court found that although the main sum sought to be preserved was no longer available in the respondent's account, any remaining funds should be preserved pending arbitration, as justice requires preservation of whatever balance exists.

Court Disposition

Application granted in part

Orders

  • All funds currently standing to the credit of the 1st Respondent in USD Account Number 0006042503294 at the Sakaman Branch of Zenith Bank Ghana Limited are to be preserved pending the final determination of the arbitration.
  • The Claimant/Applicant is to serve a copy of this order on the said bank.