High Court orders freeze on Zeepay assets amid winding-up petition

The High Court’s Commercial Division in Accra has ordered the management and assets of Zeepay Ghana Limited to be placed under restrictions pending the determination of a petition seeking the company’s official winding-up.

Justice John-Mark Nuku Alifo issued the order on Wednesday, August 19, 2026, after considering an application by the Registrar of Companies under the Corporate Insolvency and Restructuring Act, 2020 (Act 1015).

The court directed Zeepay Ghana Limited, its directors, shareholders, agents, officers, management and employees, among others, not to interfere with or deal with the company’s management and assets, including its electronic platforms, bank accounts and funds held on its behalf.

The order follows a winding-up petition filed by the Registrar of Companies on August 5, 2026. According to the ruling, the petition and the subsequent application for an interlocutory injunction were served on Zeepay’s Managing Director, Andrew Takyi Appiah, on August 13.

The court noted that Zeepay did not file an affidavit in opposition to the injunction application, although it was within the company’s right to do so.

Court cites protection of creditors

Justice Nuku Alifo said the evidence before the court established a prima facie case for protecting the investments and interests of Zeepay’s creditors, depositors and other persons with lawful claims against the company.

The court further held that refusing the injunction could expose creditors and the general public to irreparable damage if the company’s assets were dissipated before the winding-up petition is determined.

“The case of the Petitioner/Applicant is not frivolous nor vexatious and there are serious questions to be tried in the winding up petition,” the court stated.

Registrar ordered to take possession of assets

As part of the order, the Registrar of Companies has been directed to take possession of all assets of Zeepay Ghana Limited, including landed property, movable property, electronic and digital devices.

The assets are to be inventoried under the supervision of the Registrar of the High Court, with the inventory to be filed at the court registry within 72 hours of its signing.

The court, however, clarified that the order does not affect Zeepay assets that have already been lawfully attached in execution of a judgment by a court of competent jurisdiction where such execution is ongoing or completed.

Police ordered to assist execution

The Greater Accra Regional Commander of the Ghana Police Service has also been directed to deploy sufficient police officers to ensure the peaceful execution of the court’s orders, protect lives and property and prevent any breach of the peace.

The ruling was delivered in Suit No. GJ-CM/MISC/0688/2026, involving the Registrar of Companies as petitioner/applicant and Zeepay Ghana Limited as respondent.

The substantive winding-up petition remains pending before the High Court.