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429.   Power to order public examination of promoters directors, etc

Revised Laws of Saint Lucia (2022)

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429.   Power to order public examination of promoters directors, etc

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    (1)   Where an order has been made for winding-up a company by the court, and the Official Receiver has made a further report under this Act stating that in his or her opinion a fraud or improper conduct has been committed, or engaged in, by any person in the promotion or formation of the company, or by any officer of the company in relation to the company since its formation, the court may, after consideration of the report, direct that the person or officer or any other person who was previously an officer of the company, including any banker, attorney-at-law or auditor, or who is known or suspected to have in his or her possession any property of the company or is supposed to be indebted to the company or any person who the court deems capable of giving information concerning the promotion, formation, trade dealings, affairs or property of the company, shall attend before the court on a day appointed by the court for that purpose, and be publicly examined as to the promotion or formation or the conduct of the business of the company, or in the case of an officer or former officer as to his or her conduct and dealings as officer thereof.

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    (2)   The Official Receiver shall take part in the examination, and for that purpose may, if specially authorised by the court in that behalf, employ an attorney-at-law.

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    (3)   The liquidator, where the Official Receiver is not the liquidator, and any creditor or contributory, may also take part in the examination either personally or by an attorney-at-law.

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    (4)   The court may put such questions to the person examined as the court thinks fit.

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    (5)   The person examined shall be examined on oath and is not excused from answering any questions put to him or her on the ground that the answer might tend to incriminate him or her but, where he or she claims before answering the question, that the answer might tend to incriminate him or her, neither the question nor the answer is admissible in evidence against him or her in criminal proceedings other than proceedings under subsection (10) or in relation to a charge of perjury in respect of the answer.

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    (6)   A person ordered to be examined shall at his or her own cost, before his or her examination, be furnished with a copy of the Official Receiver's report, and may at his or her own cost employ an attorney-at-law who shall be at liberty to put to him or her such questions as the court may deem just for the purpose of enabling him or her to explain or qualify any answers given by him or her.

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    (7)   When a person directed to attend before the court under subsection (1) applies to the court to be exculpated from any charges made or suggested against him or her, the Official Receiver shall appear on the hearing of the application and call the attention of the court to any matters which appear to the Official Receiver to be relevant, and if the court, after hearing any evidence given or witnesses called by the Official Receiver, grants the application, the court may allow the applicant such costs as in its discretion it may think fit.

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    (8)   Notes of the examination shall be taken down in writing and shall be read over to or by, and signed by, the person examined, and may thereafter be used in evidence against him or her, and shall be open to the inspection of any creditor or contributory at all reasonable times.

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    (9)   The court may, if it thinks fit, adjourn the examination from time to time.

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    (10)   Any person being examined under this section who makes a statement that is false or misleading in a material particular commits an offence.

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    (11)   For the purposes of this section, conduct is improper if it is of such a nature as to render a person unfit to be concerned in the management of a company.

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