TAILORED SOLUTIONS MICROFINANCE VRS YKK MAHANAIM LTD (C2/23/2021) [2023] GHACC 585 (17 October 2023)

TAILORED SOLUTIONS MICROFINANCE VRS YKK MAHANAIM LTD (C2/23/2021) [2023] GHACC 585 (17 October 2023)

The defendant failed to repay the full loan amount within the agreed period, leaving a balance of GH₵88,169.83 as at September 2018. The court is empowered to award interest on this sum at the prevailing commercial bank rate and a 5% default interest, less payments made during the default period.

Source-derived case information.

Citation
[2023] GHACC 585
Parties
Plaintiff: Tailored Solutions Microfinance Ltd.; Defendant: YKK Mahanaim Ltd.
Court
Circuit Court
Jurisdiction
Ghana
Judgment Date
17 October 2023
Case Number
C2/23/2021
Procedural Posture
Civil / Judgment
Outcome
judgment for plaintiff in part
Legal Topics
Loan Agreement, Interest Calculation, Default, Enforcement of Debt
Source Language
english
Contract Law Banking and Finance Loan Agreement Interest Calculation Default Enforcement of Debt

Source-derived case record

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Parties

Tailored Solutions Microfinance Ltd.

Plaintiff

YKK Mahanaim Ltd.

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether the defendant owes the plaintiff as per the loan contract
  2. 2 If yes, how much does the defendant owe the plaintiff

Ratio Decidendi

The defendant failed to repay the full loan amount within the agreed period, leaving a balance of GH₵88,169.83 as at September 2018. The court is empowered to award interest on this sum at the prevailing commercial bank rate and a 5% default interest, less payments made during the default period.

Court Disposition

judgment for plaintiff in part

Orders

  • Defendant to pay interest at prevailing commercial bank rate on GH₵88,169.83 from 3rd September 2018 to judgment date
  • Defendant to pay 5% default interest on GH₵88,169.83 from 3rd September 2018 to judgment date