187 Enforcement of charge governed by Seychelles law

(1) Where the governing law of a charge created by a company is the law of
Seychelles, in the case of a default by the chargor under the terms of the
Seychelles law
charge, the charge is entitled to the following remedies —

(a) subject to any limitations or provisions to the contrary in the
instrument creating the charge, the right to sell all or any of the
property secured by the charge; and

(b) the right to appoint a receiver who, subject to any limitations or
provisions to the contrary in the instrument creating the charge,
may —

(i) receive distributions and any other income in respect of
the property secured by the charge; and

(ii) exercise other rights and powers of the chargor in respect
of the property secured by the charge,

until such time as the charge is discharged.

(2) Subject to subsection (3), where the governing law of a charge created by
a company is the law of Seychelles, the remedies referred to in subsection
(1) are not exercisable until —

(a) a default has occurred and has continued for a period of not less
than thirty days, or such shorter period as may be specified in the
instrument creating the charge; and

(b) the default has not been rectified within fourteen days or such
shorter period as may be specified in the instrument creating the
charge from service of the notice specifying the default and
requiring rectification thereof.

(3) Where the governing law of a charge created by a company is the law of
Seychelles, if the instrument creating the charge so provides, the
remedies referred to in subsection (2) are exercisable immediately on a
default occurring.

(4) For the avoidance of doubt, subject to its provisions, a charge may be
enforced, including pursuant to subsection 1(a), without an order of the
Court.