Section 27: Discharge and variation of order
consolidated text (as at 2013, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
27. Discharge and variation of order
(1) The Court shall not discharge a receivership order unless it considers
that the purpose for which the order was made has been achieved or substantially achieved or is incapable of achievement.
(2) The Court, on hearing an application for the discharge or variation of
a receivership order, may make an interim order or adjourn the hearing.
(3) Where the Court discharges a receivership order in respect of a cell
on the ground that the purpose for which the order was made has been
achieved or substantially achieved, the Court may direct that any payment
made by the receiver to any creditor of the company in respect of that cell
shall be deemed full satisfaction of the liability of the company to that creditor in respect of that cell; and the creditor’s claims against the company in
respect of that cell shall be deemed to have been extinguished.
(4) Nothing in subsection (3) shall operate to affect or extinguish any
right or remedy of a creditor against any other person, including any surety
of the protected cell company.
P42 – 17 [Issue 1]
Protected Cell Companies Act
(5) Subject to—
(a) this Act and the provision of the Code Civil Mauricien relating to
privileges and priorities of claims; and
(b) any agreement between the protected cell company and any of
its creditor as to the subordination of the debts due to any creditor to the debts due to the company’s other creditors,
the company’s cellular assets attributable to any cell in relation to which a
receivership order has been made shall, in the winding up of the business of
or attributable to that cell, be realised and applied in satisfaction of the company’s liability attributable to that cell pari passu.
(6) Unless the Memorandum or Articles of the company otherwise provide, any surplus shall thereafter be distributed—
(a) among holders of the cell shares or the persons otherwise entitled to the surplus; or
(b) where there are no cell shares and no such persons, among the
holders of the non-cellular shares,
according to their respective rights and interests in or against the company.
(7) The Court may, upon discharging a receivership order in respect of a
cell, direct that the cell shall be dissolved on such date as the Court may
specify.
(8) Upon the dissolution of a cell, the company shall not undertake business or incur liabilities in respect of that cell.