First Atlantic Bank Sues Kenpong Travel for Over GH¢2.55m

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First Atlantic Bank Limited has gone to court to wind up Kenpong Travel and Tour Limited over a GH¢2,549,969.28 debt. Despite a judgement in the bank's favour in 2022, Kenpong Travel has failed to pay the debt.

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The bank says it commenced legal action against Kenpong Travel and five other parties in 2019. The case was subsequently settled in favour of the bank in 2022, when the High Court entered judgement against the defendants. However, despite numerous efforts to enforce the judgement, Kenpong Travel has failed to pay the debt, leading the bank to file a petition to wind up the company.

First Atlantic Bank alleges that since the judgement was delivered, Kenpong Travel and its associates have embarked on a series of legal applications aimed at delaying enforcement. This includes nine separate attempts to obtain stays of execution through various courts, including proceedings that travelled from the High Court to the Supreme Court on two occasions.

The bank argues that all the applications were unsuccessful and served only to postpone settlement of the debt. It further claims that Kenpong Travel has failed to provide a credible repayment plan or acceptable collateral to secure payment of the judgement debt.

The petition describes Kenpong Travel as presenting itself publicly as a viable business while, in the bank's view, being unable to honour its financial obligations. The bank contends that inquiries into the company's assets have yielded little useful information and that Kenpong Travel has not demonstrated an ability to satisfy the debt.

Orders sought by the bank include the winding up of Kenpong Travel and Tour Limited under Act 1015, the direct that the company's assets be realised to satisfy the judgement debt and accrued interest, the restraint of the company's directors from interfering with, disposing of or encumbering its assets pending determination of the case, the award of costs, and any further relief the court considers appropriate.

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The High Court is expected to hear the petition at a date to be determined by the Commercial Division in Accra.