Section 11: Powers of Trustee

11. Powers of Trustee (1) Subject to subsection (2), a Trustee may do anything which he considers reasonably necessary or appropriate to preserve or protect the property to which the Restraining Order applies and its value, and may, in particular— (a) become a party to any civil proceedings that affect the property; [Issue 8] A23A – 8 Revised Laws of Mauritius (b) ensure that the property is insured; (c) realise or otherwise deal with the property if it is perishable, subject to wasting or other forms of loss, its value is volatile or the cost of its storage or maintenance is likely to exceed its value; (d) with a Judge’s approval, incur any necessary capital expenditure in respect of the property; (e) where the property consists of a trade or business— (i) employ persons in the business or terminate their employment; (ii) do any other thing that is necessary or convenient for carrying on the trade or business on a sound commercial basis; and (iii) with the Judge’s approval, sell, liquidate or wind up the trade or business if it is not a viable, going concern or it is otherwise commercially advantageous to do so; or (f) where the property includes shares in a company, exercise rights attaching to the shares as if he were the registered holder of the shares. (2) A Trustee shall not exercise the power set out in subsection (1) (c) without a Judge’s approval unless— (a) every person known by the Trustee to have an interest in the property consents to the realisation or other dealing with the property; (b) the delay involved in obtaining approval is likely to result in a significant diminution in the value of the property; or (c) the cost of obtaining approval would, in the opinion of the Trustee, be disproportionate to the value of the property concerned.