The Extension of Time Regulations amend sections 237 and 261 of the Insolvency Act which regulate watershed meetings and the execution of deeds of company arrangement respectively.

Regarding watershed meetings under section 237 of the Insolvency Act 2009, the Extension Regulations provide that an administrator may convene the watershed meeting not later than 17 August 2020 where the time period for convening a watershed meeting has expired, or fell wholly or partly during (i) the COVID- 19 period or (ii) a period of 30 days after the COVID-19 period has lapsed. It is to be noted that the Extension of Time Regulations has defined the term ‘COVID-19 Period’ as the period which started on 23 March 2020 and ended on 01 June 2020.

Insofar as the question of deeds of company arrangements are concerned, the Extension of Time Regulations declare that the administrator of a deed of company arrangement may execute such a deed not later than 7 September 2020 where the deadline for the execution of a proposed deed of company arrangement expired, or fell wholly or partly during (i) the COVID- 19 Period or (ii) a period of 30 days after the COVID-19 Period has lapsed.

Vaishali Damonaiko, pupil to Sharmilla Bhima, also helped with the preparation of this article.

Share
Twitter LinkedIn Email Save as PDF
More News
6 Jun 2022 | News

The Virtual Assets and Initial Token Offerings Act 2022: The Financial Services Commission Confirms Processing Fees and Licensing Criteria

On 02 June 2022, the Mauritian Financial Services Commission (FSC) confirmed the processing fees for...

Contributors: Suhaylah Juman
11 Apr 2022 | News

Mauritius: Virtual Assets and Initial Token Offerings now a reality

In its continued pursuit of attracting investors and building a resilient economy and establishing M...

Contributors: Suhaylah Juman
1 Apr 2022 | News

Appleby announces new Partners and Counsel promotions

Appleby announces the promotion of two Partners and the appointment of five lawyers to the position ...

23 Mar 2022 | News

Appleby Mauritius advises Azure Power Global Limited for the Rights Offering of its Equity Shares of up to USD249,938,599

Appleby Mauritius advises Azure Power Global Limited for the Rights Offering of its Equity Shares of...

Contributors: Muhammad Aadil Koomar
8 Mar 2022 | News

Appleby Celebrates International Women’s Day on 8 March 2022

Appleby marks the day with 2022 campaign theme #BreakTheBias.

31 Aug 2021 | News

Mauritius: Amendments to immigration laws to promote investment and increase access to non-citizens

The Finance (Miscellaneous Provisions) Act 2021, gazetted on 5 August 2021, has brought some changes...

24 Aug 2021 | News

Appleby Mauritius redefines the legal landscape of seizure prior to claim by successfully defending contempt of court proceedings based on an 1808 legislation.

Appleby Mauritius redefines the legal landscape of seizure prior to claim by successfully defending ...

Contributors: Dushyant Ramdhur