Section 132: Foreign companies

132. Foreign companies (1) Subject to Part V, a liquidator may be appointed for a foreign company under Part XXII of the Companies Act by the Court on the application of— (a) a liquidator appointed in the country of the company’s incorporation; (b) a creditor; or (c) the Director, and thereupon section 286 (3), (5) or (7) of the Companies Act shall apply. (2) Where a report has been made by an inspector under Part XV of the Companies Act in respect of a foreign company, the Director may apply to the Court for an order for the winding up of the affairs of the company insofar as they relate to its assets in Mauritius. (3) Where on an application under subsection (1) or (2) an order is made for the affairs of the company so far as assets in Mauritius are concerned to be wound up, the company shall not carry on business or establish or keep a place of business in Mauritius. (4) In the case of a foreign company that is— (a) a deposit taking business under the Banking Act; (b) a mutual fund company; or (c) a life insurance company under the Insurance Act, [Issue 3] I14 – 80 Revised Laws of Mauritius the Court, when appointing a liquidator for Mauritius under subsection (1), shall, after providing for all interested parties to have the opportunity of being heard, determine whether the assets of the company in Mauritius should be segregated in order to first effect payment rateably of the debts of the company in Mauritius and the amounts payable to depositors, investors in the mutual fund company and life insurance beneficiaries, in priority to any payment being made in relation to debts and liabilities to other parties outside Mauritius.