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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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Client

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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