Receivership: an enforcement mechanism for lenders
In a world of business, unforeseen circumstances can often arise that lead a company to financial distress or near insolvency. During such times, the appointment of a receiver is a common legal remedy that serves to protect the interests of lenders.
The JCPC reaffirmed the exception to the bank secrecy rule
Further to the oral judgment of the Judicial Committee of the Privy Council (JCPC) on 06 July 2023 as summarised here (The JCPC Overrules The Judgement Of The Supreme Court Of Mauritius In Stanford Asset Holding Limited V Afrasia Bank Limited And Grants Disclosure Order | Appleby (applebyglobal.com)), the JCPC has, on 10 October 2023, stated its reasons for granting a disclosure order in the case of Stanford Asset Holding Limited v/s Afrasia Bank Limited 2023 UKPC 35.
Cayman Islands Grand Court Orders Disclosure Despite PRC Data Security Law Concerns
The Cayman Islands Grand Court has recently ordered disclosure of documents in on-going court proceedings despite arguments that disclosure would breach the PRC’s Data Security Law.
Regulation of Moneylending in Mauritius
Moneylending is a crucial credit device in the world of financial services which plays a significant role in supporting economic growth and development. However, since at the outset, there were exploitative tendencies of lenders imposing stringent and oppressive terms on desperate borrowers, it was essential to establish an effective regulatory framework to sufficiently protect the borrowers from abuses.
Katra Holdings Ltd v Standard Chartered Bank (Mauritius) Ltd [2024] UKPC 8 - case summary
The Privy Council set aside an appeal challenging a winding up order of a Mauritian company, Katra Holdings Ltd (the Company), and the judgment of the Supreme Court (Civil Appeal Division) upholding that order.
Statutory Demands - a Review of Recent Decisions
INSOLVENCY - The bankruptcy division of Mauritian Supreme Court re-affirms the test to determine the existence of a substantial and genuine dispute when setting aside a statutory demand. In this article, we review the recent determinations of the Bankruptcy Division of the Supreme Court of Mauritius (Bankruptcy Division) in which it re-affirmed the tests to determine an application to set aside a statutory demand under section 181 of the Insolvency Act 2009 (‘Insolvency Act’).
Directors' Duties in the face of insolvency
The duties of directors in relation to companies in Mauritius are laid out under the Companies Act 2001 (‘Companies Act’) and more specifically under Section 143 which sets out in detail that directors have a duty to act in good faith and in the best interests of the company on which they are appointed.
Trusts, and how they came to be
What traces its history through Ancient Rome and the Crusades, can have many de facto owners, none at the same time, and can hold entire groups of companies while owning nothing? The answer is a trust.
The Seychelles: enhancing the proposed framework for virtual asset service providers
With the increasing prominence of cryptocurrency trading platforms in regulatory-friendly jurisdictions, that has brought the spotlight on Seychelles as a preferred destination for virtual asset service providers (VASPs).
Restructuring Provisional Liquidators May Not Be Dead After All
In the Cayman Islands restructuring provisional liquidators may not be dead after all. In Re Kingkey Financial International (Holdings) Ltd, the Grand Court found that provisional liquidators may in some circumstances have more utility than restructuring officers. This article considers that case, and several interesting points arising from it.
