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

AMUA-SEKYI J.

Thisis a petition for the official winding-up of a limited liability company called Timber and Transport Kumasi-Krusevac Ltd. The original name of the company which was formed in 1966, was Timber and Transport Co., Ltd. On 20 July 1971, Timber and Transport Co., Ltd., its principal shareholders, Osei Bonsu Snr. and Osei Bonsu Jnr., entered into a written agreement with a Yugoslav company, Sumsko-Industrijski Kombinat “Crvena Zastava” or the “Red Flag” Timber Industrial Combine, whereby the Osei Bonsus agreed to transfer part of their shareholding in Timber and Transport Co., Ltd. to the Yugoslav company which, for its part, agreed to invest in and manage the company. It was further agreed that the name of the company would be changed to its present form, the town of Krusevac being the situation of the registered office and the principal place of business of the Yugoslav company.

The affidavit attached to the petition shows that the Yugoslav company took up its shares, inve…