Section 186: Appointment of receiver by Court

186. Appointment of receiver by Court (1) The Court may appoint a receiver or a receiver and manager on the application of a chargee or of any other interested person and on notice to the company, where the Court is satisfied that— (a) the company has failed to pay a debt due to the chargee or has otherwise failed to meet any obligation to the chargee, or that any principal money borrowed by the company or interest is in arrears for more than 21 days; I14 – 109 [Issue 3] Insolvency Act (b) the company proposes to sell or otherwise dispose of the secured property in breach of the terms of any instrument creating the security or charge; or (c) it is necessary to do so to ensure the preservation of the secured property for the benefit of the chargee. (2) A receiver or receiver and manager may be appointed under this section— (a) notwithstanding any other enactment; and (b) whether or not the property in respect of which the receiver is appointed includes immovable property. (3) A person appointed by the Court as a receiver shall be appointed receiver and manager unless the Court directs that the person is to be appointed only as a receiver. (4) In the case of a floating charge, where the application for the appointment of a receiver is brought by the chargee, the application may be accompanied by a notice for the crystallisation of the charge under article 2202-40 of the Code Civil Mauricien and the Court, when determining whether a receiver shall be appointed, shall also hear any objection raised by the company to the crystallisation of the charge and determine whether the crystallisation of the charge should be set aside.