Merton & Everett LLP has filed a class action lawsuit on behalf of 38 creditors against Su Casa Properties Ltd., alleging significant financial mismanagement and contract breaches. The creditors, a diverse group from Ghana, the United States, Canada, the United Kingdom, and Germany, collectively invested over $1 million USD and GHS 3.3 million in off-plan residential units promised by Su Casa Properties Ltd.
In a statement released, the group is seeking the appointment of an Administrator under the Corporate Restructuring and Insolvency Act, 2020 (Act 1015), to oversee Su Casa’s operations during its financial distress.
“The appointment of the Administrator aims to protect creditors’ interests, ensuring optimal asset realization and fair settlement of liabilities,” the statement read.
Key claims outlined in the statement include, “Su Casa Properties Ltd. has failed to construct the promised residential units within the 16-week timeframe as per the Sale and Purchase Agreements (SPAs), leaving many plaintiffs without their homes. For the few units delivered, there were significant delays, and the units were substandard, requiring extensive repairs that the defendant promised but failed to deliver. The company engaged in deceptive marketing practices, knowingly misrepresenting its capacity to deliver the residential units while lacking the financial stability to fulfill its commitments. The defendant failed to transfer legal title to the land on which the units were constructed, exposing the plaintiffs to precarious legal situations. Su Casa Properties Ltd. has demonstrated financial distress, owing substantial sums to multiple creditors and employees, further hindering its ability to meet its contractual obligations.”
The lawsuit is scheduled for a hearing on Monday, June 24, 2024.
Merton & Everett LLP assures affected creditors of their commitment to achieving fair and just compensation for the debts owed to them.
Read Merton & Everett LLP Full statement here
Click here to read application filed against Su Casa Properties Ltd
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