Section 237: Watershed meeting

237. Watershed meeting (1) The administrator shall convene the watershed meeting within the convening period. (2) The convening period is the period of 28 days after the date on which the administrator is appointed, and includes any period for which it is extended under subsection (3). (3) The Court may, on the administrator’s application, extend the convening period, but shall not do so if the application is made after the convening period has expired, unless the Court is satisfied that a substantial injustice will result if the convening period is not extended. (4) The administrator shall convene the watershed meeting by— (a) giving written notice of the meeting to as many of the company’s creditors as is reasonably practicable; and (b) publishing a notice of the meeting in a daily newspaper. (5) The administrator shall take the steps set out in subsection (4) not less than 7 days before the meeting. (6) The following documents shall accompany the notice— (a) a report by the administrator— (i) about the company’s business, property, affairs and financial circumstances; and (ii) any other matter material to the creditors’ decisions to be considered at the meeting; and (b) a statement setting out the administrator’s opinion, with reasons for that opinion, about— (i) whether it would be in the creditors’ interests for the company to execute a deed of company arrangement; (ii) whether it would be in the creditors’ interests for the administration to end; or (iii) whether it would be in the creditors’ interests for the company to be placed in liquidation; and (c) if a deed of company arrangement is proposed, a statement setting out the details of the proposed deed. (7) The watershed meeting shall be held within 7 days after the end of the convening period or extended convening period, as the case may be. (8) Subject to subsection (9), the directors of the company shall attend the watershed meeting, including any occasion to which the meeting is adjourned, but cannot be required to answer questions at the meeting. (9) A director need not attend the watershed meeting where— (a) the director has a valid reason for not attending; and [Issue 3] I14 – 138 Revised Laws of Mauritius (b) the administrator or the creditors by resolution have excused the director from attending. (10) A director attending the watershed meeting shall leave for all or part of the remainder of the meeting if required by a resolution of the creditors to do so. (11) The administrator and the directors of the company under administration shall, before the meeting votes on any resolution, inform the meeting of any voting arrangement of which the administrator or a director, as the case may be, is aware that requires one or more creditors to vote in a particular way on any resolution that will or may be voted on by the meeting.