Receiver threatens to publish names of loan defaulters

The Receiver, for the purposes of winding down the affairs of 347 insolvent Microfinance Companies and 23 Savings and Loans and Finance House Companies who had their operating licenses revoked on 31 May 2019 and 16 August 2019, has cautioned borrowers to repay their debt or risk seeing the names in the dailies.

According to the Receiver, it will “pursue all recalcitrant defaulters through all available means as permitted by the Act including, but not limited to, legal actions and publishing names of recalcitrant defaulters in national and international newspapers. In this regard, the Receiver will soon publish the first list of recalcitrant defaulters and their respective addresses in the national dailies.”

A statement issued and copied to Businessweekghana.com on Tuesday 23rd June 2020, read, "the Receiver wishes to notify the general public especially person/persons/institutions who took loan facilities from these defunct companies to visit any of the maintained branches of these institutions for repayment of the loans immediately."

Attached to the release were 23 branches, account numbers and mobile money numbers, which are also available on ghreceiverships.com to facilitate the repayment of loans

The Receiver encouraged all defaulters to settle their outstanding obligations to the defunct companies through the respective MTN MoMo numbers and receivership bank accounts listed.

Background

Pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) (“the Act”), Bank of Ghana ("BoG") on 31 May 2019 and 16 August 2019 revoked the operating licenses of 347 insolvent Microfinance Companies and 23 Savings and Loans and Finance House Companies respectively, and in accordance with Section 123(2) of the Act appointed Eric Nana Nipah, a Director of PricewaterhouseCoopers Ghana Limited (“PwC”) as the Receiver for the purposes of winding down the affairs of these Companies.

Section 127 (3) of the Act mandates the Receiver to realise all assets of the resolved companies, including outstanding loans and advances, for the benefit of creditors.

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