Legal Reforms

Two areas of law which are of key importance for banks – the Insolvency regime, and Secured Transactions – are currently under review, with the technical assistance of consultants from the World Bank.

In relation to Insolvency Act Reform, two working sessions led by the Registrar of Companies and including insolvency practitioners, Government, Mauritius Revenue Authority officials, banks, and World Bank consultants, were held in November. A key area of the work of MBA regards greater fairness in the order of preferential claims, and the MBA’s representations are aligned with international best practice.

Similarly, on Secured Transactions Reform, MBA member banks have been actively engaging with the Registrar General, EDB and World Bank consultants on proposed reforms to the legal framework for secured transactions relating to movable assets. The objective of this project is to improve the ease of doing business and align the Mauritian framework and process with international best practice.