Mauritius - Get Proposal by Insolvent to Creditors

Advertisement

Procedure

Apply In Person:

1. To Get Proposal by Insolvent to Creditors in person, the applicant should contact the Corporate and business registration department in Mauritius Contact link
2. Applicants should download the application form from this link
3. Applicants should Fill out the form with the necessary details required such as Name and address of debtor, Names and addresses of creditors, Nature and number of claims, Details of assets and liabilities of debtor, and Details of any previous arrangements for payment of debts to ensure that the application is accurately and thoroughly completed, and all information required is provided.
4. Applicants should Submit the application form, along with the required documents, to the Corporate and Business Registration Department to obtain a proposal from Insolvent Creditors and the required documents can be found under the “Required Document” section of this page.
5. The Applicant may be required to appear before the Authorities to provide further information and/or answer queries related to the transfer to ensure that all necessary paperwork is completed accurately and that all relevant regulations have been adhered to.
6. Upon receiving the application for proposal by Insolvent to Creditors, the department will then process the application and notify the applicant of the outcome.
7. After the application has been approved, the insolvent should draft a comprehensive and detailed proposal to the creditors outlining payment plans and/or other terms of agreement and submit the proposal to the court for review and approval.
8. The court will review the proposal, taking into consideration all relevant facts and circumstances, and will decide whether to accept or reject it.
9. If accepted, the court will be notified of the creditors' claims and can then proceed to assessing and approving them accordingly.
10. The court will then examine each claim and grant the insolvent an opportunity to pay the claims in full or in part.
11. The processing time for Get Proposal by Insolvent to Creditors varies depending on the complexity of the case. Generally, the process can take anywhere from 3 to 6 months.

Advertisement

Required Documents

• A completed Get Proposal Form.
• A statement of affairs
• A list of creditors and debtors
• The insolvent's financial statement
• The insolvent's income and expenditure statement
• The insolvent's proposal for arrangement of payment
• A statement of assets and liabilities
• A statement of the insolvent's financial position
• The insolvent's statement of his/her means of paying his/her creditors
• The insolvent's statement of the reasons for his/her insolvency
• Evidence of the insolvent's ability to meet his/her liabilities
• Evidence of the insolvent's willingness to make a composition or arrangement with creditors
• A copy of the insolvent's deed of assignment
• A copy of the insolvent's notice of his/her intention to make a proposal to creditors
• A copy of the insolvent's application to the court for approval of the proposal
• A copy of the court's order approving the proposal
• Any other documents required by the court.

Office Locations & Contacts

Corporate and business registration department
One Cathedrale Square Building,
Jules Koeing Street, Port_Louis
Republic of Mauritius
Tel No: + (230) 202-0600
Fax No: +(230) 212-4480
Email: [email protected]
POINT OF CONTACT FOR INTERNATIONAL REQUESTS:
For any international requests for information on NPOs (Companies Limited by Guarantee and Foundations), please contact the Registrar of Companies/ Registrar of Foundations on the following:
Email address: comd Link
Phone No: +230 2020602 / +230 2020615
The requests for information should be made in writing and submitted on the above email address. The office of the Registrar will endeavor to provide the information required as soon as possible.
For information on associations, applicant may contact the Registrar of Associations on: [email protected]
Contact link

Eligibility

• In Mauritius, any person or company who has debt of more than Rs. 200,000 is eligible to file a proposal to its creditors under the Insolvency Act 2001.

Fees

• A fee for this procedure is has to be paid as per the authority’s request.

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

Link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• Generally, the process can take anywhere from 3 to 6 months.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Please provide other instructions related to the certificate/documents.
e.g. The state office holds birth records since january 1908.

Required Information

• Name and address of debtor
• Names and addresses of creditors
• Nature and amount of claims
• Details of assets and liabilities of debtor
• Details of any previous arrangements for payment of debts
• Details of proposed arrangements for payment of debts
• Details of proposed arrangements for disposal of assets
• Details of security offered by debtor
• Evidence of qualification of debtor as an insolvent
• Details of the supervisor appointed to supervise the implementation of the proposal
• Signature of debtor and witnesses to the proposal
• Any other relevant information

Need for the Document

• The purpose of getting a proposal by an insolvent to creditors in Mauritius is to allow the insolvent to come to a fair and reasonable agreement with creditors on how to repay their debts. This can be done through a debt restructuring plan, where the insolvent proposes to creditors a repayment plan that considers their ability to pay and other factors.
• This process can help to avoid bankruptcy, which can have severe consequences for the insolvent and creditors alike. It also gives creditors a chance to negotiate with the insolvent and potentially receive more money than they would if the insolvent were to go into bankruptcy.

Information which might help

• More information can be obtained via link
  

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

• Link
  

Others

More information which might help people.