1. Subject to paragraph 2, foreign creditors have the same rights regarding the commencement of, and participation in, a proceeding under Northern Ireland insolvency law as creditors in Northern Ireland.
2. Paragraph 1 does not affect the ranking of claims in a proceeding under Northern Ireland insolvency law, except that the claim of a foreign creditor shall not be given a lower priority than that of general unsecured claims solely because the holder of such a claim is a foreign creditor.
3. A claim may not be challenged solely on the grounds that it is a claim by a foreign tax or social security authority but such a claim may be challenged—
(a)on the ground that it is in whole or in part a penalty, or
(b)on any other ground that a claim might be rejected in a proceeding under Northern Ireland insolvency law.