Section 43: Winding-up by Court

43. Winding-up by Court (1) A Foundation may— (a) whether or not it is being wound up voluntarily; and (b) on a petition made in accordance with this section, be wound up by an order of the Court. (2) A petition under subsection (1) may be presented by— (a) the Foundation; (b) a beneficiary; (c) a creditor, including a contingent or prospective creditor, of the Foundation; (d) a liquidator; (e) the Registrar; or (f) the Commission. (3) A petition under subsection (1) may be presented where— (a) the Foundation has, by unanimous resolution of its Council, resolved that it be wound up by the Court; (b) the Foundation is unable to pay its debts; (c) the members of the Council have acted in the affairs of the Foundation in their own interests, rather than in the interests of the beneficiaries as a whole, or in any other manner which is unfair or unjust to any beneficiary; (d) the Court is of opinion that it is just and equitable to do so; or F22A – 25 [Issue 7] Foundations Act (e) the Foundation is a licensee of the Commission and has carried on business in Mauritius in contravention of the Financial Services Act, Securities Act or Insurance Act. (4) Where an order under subsection (1) for the winding-up of a Foundation is made, the Court may make such other order as it thinks fit, in relation to the winding-up, including an order for the appointment of a liquidator to wind up the affairs of the Foundation and distribute its assets.