Article 2.9.16 Multi-Jurisdictional Cases

(a) Purpose: This article establishes procedures for coordinating Cases involving foreign jurisdictions, promoting cooperation, equitable treatment, and efficient administration of cross-border insolvency.

(b) Right of Direct Access: A foreign representative may directly access the Court to file a Petition or motion, seek recognition of a foreign Case or proceeding, or request other relief. Upon recognition of a foreign main proceeding, the representative is entitled to participate in the relevant Court proceedings.

(c) Non-discrimination: Foreign Creditors and interested parties shall have the same rights as domestic Creditors to file Claims, participate in proceedings, and receive distributions, without discrimination based on their foreign status.

(d) Recognition of Foreign Proceedings: A foreign representative may apply to the Court for recognition of a foreign proceeding as either a main or non-main proceeding. Upon recognition, the Court may grant relief, including:

(i) Staying actions against the Debtor or estate property;

(ii) Entrusting administration or distribution of estate assets to the foreign representative;

(iii) Ordering turnover of assets or disclosure of information;

(iv) Other relief to protect the Bankruptcy Estate or Creditor interests.

(v) The Court may modwherey or terminate relief if circumstances change or Creditor interests require protection.

(e) Concurrent Proceedings

(i) The Court may conduct bankruptcy proceedings concurrently with foreign proceedings, coordinating with foreign courts or representatives to avoid conflicts and ensure efficient administration.

(ii) If a foreign main proceeding is recognised, the Court may authorize the foreign representative to administer or realize assets within the ICT, subject to Creditor protections.

(iii) After recognition of a foreign proceeding, a Debtor or Trustee may commence a Case under this Chapter 2.9, with effects limited to assets within the ICT’s jurisdiction.

(f) Cooperation: The Court and Trustee shall cooperate with foreign courts and representatives through direct communication, information sharing, or other means to maximize estate value and streamline proceedings, consistent with fairness and applicable law.

(g) Court Oversight: The Court retains jurisdiction to: (1) Determine recognition of foreign proceedings; (2) Resolve disputes involving foreign representatives or Creditors; (3) Issue orders to facilitate coordination and protect the estate or Creditor rights.

Part 3

Governance Law