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.
Absence of assets in Mauritius – not a bar to the recognition and enforcement of foreign judgment
On 12 April 2024, the Mauritian Supreme Court confirmed in Hobler v Harker 2024 SCJ 159, that an application to recognize and enforce a foreign judgment by way of exequatur under the Mauritian Code of Civil Procedure would not be defeated by reason of an absence of assets in Mauritius on the part of the party against whom the foreign judgment is sought to be enforced. In so doing, the Supreme Court held that to award the application for exequatur in such circumstances would not be contrary to public order and that such a judgment would not be ‘academic’ i.e. of no practical effect.
Podcast: Latest guide on Cayman Islands' corporate governance and internal controls requirement
Join us as we shed light on the new corporate governance and internal controls requirement for all the Cayman regulated entities.
Maximising Efficiency in Fund Termination Through Liquidating Trusts in Mauritius
When it comes to terminating a fund licensed under the laws of Mauritius (Company), one of the key responsibilities of the investment manager is strategizing the best approach for disposing of the Company’s securities and assets. This strategy should not only ensure the Company’s liabilities are met but also aim to maximise returns for investors and creditors. An effective method for achieving these goals is by utilising a ‘liquidating trust’ which in effect is a trust created under the Trusts Act 2001.
Jersey: corporate re-domiciliation and tax residency changes
An analysis of how Jersey law offers flexible solutions for corporate re-domiciliation and tax residency adjustments.
Chief Justice affirms Cayman’s availability for the enforcement of foreign arbitral awards
Chief Justice affirms Cayman’s availability for the enforcement of foreign arbitral awards
The Global sees us share updates and insights from across our network of international offices on the latest legislative news, trends or developments impacting the corporate sector.
The Global – your offshore corporate law questions answered: April 2024
The Global is a quarterly collection of corporate expert insights and analysis across Appleby's global jurisdictions. Here are follow-up FAQs from the insights we shared in the 2023 Q4 Review edition.