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Formations appeals the decision of the disallowed proof of claim in bankruptcy of Accra Wood Products

Fasken
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Formations Inc.

Formations Inc. appealed the decision of the  trustee of  Accra’s bankruptcy estate disallowing Formations’ secured amount claim which had arisen from Formations supplying wood products to Accra under a credit agreement. The court agreed that Formations’ claim was secured and, on the basis of the indoor management rule, held that Formations was entitled to rely on a credit agreement executed by an employee of Accra which included a grant of security interest in favour of Formations.      Read the Court’s decision: Appeal of disallowed proof of claim in bankruptcy of Accra Wood Products Ltd.  Kibben Jackson was counsel for Formations Inc..

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