Section 204: Preferential claims
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
204. Preferential claims
(1) Subject to the rights of any of the persons referred to in subsection
(2), a receiver shall pay moneys received by him to the chargee of the charge
by virtue of which he was appointed in or towards satisfaction of the debt
secured by the charge.
(2) The following persons shall be entitled to payment out of the property
of a company in receivership in priority to the chargee of the charge, and in
the following order of priority—
(a) first, the receiver for his expenses and remuneration and any
indemnity to which he is entitled from out of the property of the
company;
[Issue 3] I14 – 118
Revised Laws of Mauritius
(b) second, any amounts secured by any charge that ranks in priority to the charge in relation to which the receiver was appointed;
and
(c) third, and notwithstanding anything to the contrary in the Code
Civil Mauricien, where the company is in liquidation, the persons
entitled to preferential claims to the extent and in the order of
priority required by the Fourth Schedule.
(3) The receiver shall hold and retain from any property of a company
subject to the charge or any proceeds of realisation of such property, sufficient funds or value of property to discharge any claims under subsection
(2) (b) and (c) on trust under the Trusts Act or otherwise for the benefit of
the persons entitled.