All sections · Part XVII: Striking Off, Winding Up And Dissolution · Sub-Part II: Voluntary Winding Up of Solvent Company
284 Eligibility to be liquidator under this Sub-Part
This section has been amended. The text above is the 2016 wording; the amending provisions follow.
(1) For the purposes of this Sub-Part, an individual is eligible to be appointed
and to act as the liquidator of a company if the individual is not
disqualified from acting as the liquidator of a company under subsection
(2).
(2) The following individuals are disqualified from being appointed, or
acting, as the liquidator of a company —
(a) a disqualified person under Part XVI or an individual subject to
an equivalent disqualification under the laws of a country
outside Seychelles;
(b) a minor;
(c) an incapacitated adult;
(d) an undischarged bankrupt;
(e) an individual who is, or at any time in the previous two years
has been, a director of the company;
(f) an individual who acts, or at any time in the previous two years
has acted, in a senior management position in relation to the
company and whose functions or responsibilities have included
functions or responsibilities in relation to the financial
management of the company;
(g) an individual who is a sole member of the company; and
(h) an individual who is a close family member of an individual
specified in paragraph (e), (f) or (g).
and to act as the liquidator of a company if the individual is not
disqualified from acting as the liquidator of a company under subsection
(2).
(2) The following individuals are disqualified from being appointed, or
acting, as the liquidator of a company —
(a) a disqualified person under Part XVI or an individual subject to
an equivalent disqualification under the laws of a country
outside Seychelles;
(b) a minor;
(c) an incapacitated adult;
(d) an undischarged bankrupt;
(e) an individual who is, or at any time in the previous two years
has been, a director of the company;
(f) an individual who acts, or at any time in the previous two years
has acted, in a senior management position in relation to the
company and whose functions or responsibilities have included
functions or responsibilities in relation to the financial
management of the company;
(g) an individual who is a sole member of the company; and
(h) an individual who is a close family member of an individual
specified in paragraph (e), (f) or (g).
Amended since 2016
Act 32 of 2021 · 2021-08-02
47. Section 284 of the principal Act is amended —
(i) in subsection (1), by repealing the words “an individual”, and
substituting therefor the words “a person, who may be an
individual or a body corporate,”; and by repealing the words
“the individual”, and substituting therefor the words “the
person”;
(ii) in subsection (2) —
(A) in the chapeau, by repealing the word “individuals”,
and substituting therefor the word “persons”;
(B) in paragraph (a), by repealing the words “an
individual” and substituting therefor the words “a
person”;
(C) by inserting after paragraph (d), the following
paragraph —
“(da) a body corporate which is insolvent or in the
process of winding up or other dissolution;”;
(D) in paragraph (e), by repealing the words “an
individual”, and substituting therefor the words “a
person”;
(E) in paragraph (f), by repealing the words “an
individual”, and substituting therefor the words “a
person”;
(F) in paragraph (g), by repealing the words “an
individual”, and substituting therefor the words “a
person”; and by repealing the word “and” appearing at
the end;
(G) by repealing paragraph (h), and substituting therefor
the following paragraphs —
“(h) an individual who is a spouse, child, parent or
other close family member of a person specified in
paragraph (e), (f) or (g); and
(i) a body corporate —
(i) owned or controlled wholly or partly by
a person specified in paragraph (e), (f),
(g) or (h); or
(ii) that is a subsidiary or parent entity of a
body corporate specified in paragraph
(e), (f) or (g).”;
(iii) by inserting after subsection (2), the following subsection —
“(3) A body corporate appointed as liquidator of a
company under this section before the commencement of the
International Business Companies (Amendment) Act, 2021
shall be deemed to have been appointed under this section as
amended by the said Act.”.
(i) in subsection (1), by repealing the words “an individual”, and
substituting therefor the words “a person, who may be an
individual or a body corporate,”; and by repealing the words
“the individual”, and substituting therefor the words “the
person”;
(ii) in subsection (2) —
(A) in the chapeau, by repealing the word “individuals”,
and substituting therefor the word “persons”;
(B) in paragraph (a), by repealing the words “an
individual” and substituting therefor the words “a
person”;
(C) by inserting after paragraph (d), the following
paragraph —
“(da) a body corporate which is insolvent or in the
process of winding up or other dissolution;”;
(D) in paragraph (e), by repealing the words “an
individual”, and substituting therefor the words “a
person”;
(E) in paragraph (f), by repealing the words “an
individual”, and substituting therefor the words “a
person”;
(F) in paragraph (g), by repealing the words “an
individual”, and substituting therefor the words “a
person”; and by repealing the word “and” appearing at
the end;
(G) by repealing paragraph (h), and substituting therefor
the following paragraphs —
“(h) an individual who is a spouse, child, parent or
other close family member of a person specified in
paragraph (e), (f) or (g); and
(i) a body corporate —
(i) owned or controlled wholly or partly by
a person specified in paragraph (e), (f),
(g) or (h); or
(ii) that is a subsidiary or parent entity of a
body corporate specified in paragraph
(e), (f) or (g).”;
(iii) by inserting after subsection (2), the following subsection —
“(3) A body corporate appointed as liquidator of a
company under this section before the commencement of the
International Business Companies (Amendment) Act, 2021
shall be deemed to have been appointed under this section as
amended by the said Act.”.
