IN RE TIMBER AND TRANSPORT KUMASI-KRUSEVAC CO., LTD. ZASTAVA BONSU AND ANOTHER

SOWAH J.S.C.: It is appropriate for the proper appreciation of the issues involved, to start with the history of the company, Timber and Transport Kumasi-Krusevac Co., Ltd., hereinafter referred to as TAT-KK Co., Ltd.

On 8 March 1966 there was registered with the Registrar of Companies, a private limited liability company, under the name and style of Timber and Transport Co., Ltd. (TAT) whose object, inter alia, was the exploitation and exportation of timber. The company had a subsidiary known as TAT Furniture and Construction Co., Ltd. The shareholders of the Timber and Transport Co., Ltd. were principally Osei Bonsu, Snr. who held over 95 per centum, the others being his son Osei Bonsu, Jnr. and his nephew Osei Tutu.

It does appear from the affidavits filed by the parties that from the period 1966 to 1971 the company ran at a loss and that by 1971 the losses had exceeded the million-cedi mark. In the words of the appellant, by 1971 the company was in a “paralytic state of malignant in…