Section 296: Objects and conduct of Companies Supervisory Committee

296. Objects and conduct of Companies Supervisory Committee (1) The objects of the Companies Supervisory Committee shall be to— (a) review the activities of prescribed companies and receive reports on such companies from the Insolvency Service with a view to considering whether any notice should issue to a prescribed company requiring the company, related company and associated person to consult with the Director and consider whether to provide advice or assistance to such companies and, where appropriate, appoint an administrator in order to preserve the company as a going concern in the public interest; (b) take steps by way of the issue of directions on the appointment of an administrator of a prescribed company, where reasonably practicable, to rehabilitate prescribed companies that are encountering financial difficulty and preserve, to the extent reasonably practicable, the business of the company, whether in its existing or some re-organised form, as a going concern and thereby minimise the effect of a corporate collapse on the general economy of Mauritius; and (c) develop objectives, policies and priorities for the promotion of a healthy corporate sector in Mauritius, and in particular to promote the health and financial success and survival of companies, and in particular prescribed companies and to make recommendations to the Minister. (2) Every member of the Companies Supervisory Committee shall be paid out of the Consolidated Fund such fees and expenses as may be approved by the Minister. (3) The Insolvency Service shall make available to the Companies Supervisory Committee such secretarial services and other facilities of the Insolvency Service as the Committee may need to enable it to attain its objects. (4) The Director may share information with, and provide reports and recommendations to, the Companies Supervisory Committee for the purposes of the Committee’s function under this Sub-part.