BAFFOE-BONNIE, JSC
The facts in this case are fairly straight forward and generally uncontroverted. The respondent in this court, Guaranty Trust Bank, recovered judgement against the appellants in the High Court, Commercial Division, Accra, for various sums of money owed it as a result of appellants’ default in repaying loan facilities it extended to them. Upon application, the High Court on 28th January, 2012 granted the appellants’ prayer to stay execution and to pay the judgment debt by instalments. The appellants defaulted in the payment terms they themselves had proposed. Respondent caused the properties the appellants had mortgaged as security for the loans, to be attached in order that they would be sold in satisfaction of the judgment debt.
The attached properties were valued and the respondent applied for reserved prices for them. Claiming that the properties had been undervalued, the appellants prayed the High Court to order a second valuation of the properties at their expens…