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Smooth finish

The Insolvency Act 2009 (except Part VI) came into operation on 1st June 2009. Part VI governs cross-border insolvency, important issues arise for Mauritius in this area because of the significance of the global business sector which requires clear and well understood rules governing the insolvency of Global Business Companies and also governing those respects in which such companies can form part of, or operate outside of, an international insolvency administration. The Act thus provides for Mauritius to adopt the UNCITRAL model law on cross-border insolvency as set out in the 9th Schedule (Sections 366, 367 and 368). The Schedule will, however not come into operation until there is sufficient reciprocity in dealing with insolvencies in jurisdictions that have trading or financial connections with Mauritius, or that it is otherwise in the public interest.For the regime to be workable, it is desirable that there be some mutuality between affected jurisdictions so that the principal countries with which Mauritius has trading or financial connections either have adopted the UNCITRAL regime or have compatible regimes.

27-Jul-2010

2:13 pm