Section 122: Release of liquidator and dissolution of company

122. Release of liquidator and dissolution of company (1) Where a liquidator has— (a) (i) realised all the property of the company or so much as can in his opinion be realised without needlessly protracting the liquidation; (ii) distributed a final dividend, if any, to the creditors; (iii) adjusted the rights of the contributories among themselves; and (iv) made a final return, if any, to the contributories; or (b) resigned or been removed from his office, he may apply to the Court for an order that he be released or for an order that he be released and that the company be dissolved. [Issue 3] I14 – 74 Revised Laws of Mauritius (2) The liquidator shall present to the Court an account showing how the winding up has been conducted and the property of the company has been disposed of. (2A) Where the liquidator is the Official Receiver, he shall, as soon as practicable, deliver to the Director a copy of the account referred to in subsection (2). (3) Where an order is made that the company be dissolved, the company shall from, the date of the order, be dissolved accordingly. (4) The Court— (a) may cause a report on the accounts of a liquidator, other than the Official Receiver, to be prepared by the Official Receiver or by a qualified auditor appointed by the Court; (b) shall, on the liquidator complying with all the requirements of the Court, take into consideration the report and any objection which is urged by the Official Receiver, auditor or any creditor or contributory or other person interested against the release of the liquidator; and (c) shall either grant or withhold the release accordingly. (5) Where the release of a liquidator is withheld, the Court may, on the application of any creditor or contributory or person interested, make such order as it thinks appropriate charging the liquidator with the consequence of any act or default which he may have done or made contrary to his duty. (6) Subject to subsection (7), an order of the Court releasing a liquidator shall discharge him from all liability in respect of any act done or default made by him in the administration of the affairs of the company or otherwise in relation to his conduct as liquidator. (7) Any order under subsection (6) may be revoked on proof that it was obtained by fraud or by suppression or concealment of any material fact. (8) Where the liquidator has not previously resigned or been removed, his release shall operate as a removal from office. (9) Where the Court has made— (a) an order that the liquidator be released; or (b) an order that the liquidator be released and the company be dissolved, a copy of the order shall be lodged with the Director by the liquidator and delivered to the Official Receiver within 14 days. [S. 122 amended by s. 11 (d) of Act 4 of 2017 w.e.f. 20 May 2017.]