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The Cross-Border Insolvency Regulations (Northern Ireland) 2007
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- 2007 No. 115
- SCHEDULE 1
- PART 1
- CHAPTER III
- Article 19. Relief that may be granted upon application for recognitionofaforeignproceeding
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Article 19. Relief that may be granted upon application for recognition of a foreign proceeding
1. From the time of filing an application for recognition until the application is decided upon, the court may, at the request of the foreign representative, where relief is urgently needed to protect the assets of the debtor or the interests of the creditors, grant relief of a provisional nature, including—
(a)staying execution against the debtor’s assets;
(b)entrusting the administration or realisation of all or part of the debtor’s assets located in Northern Ireland to the foreign representative or another person designated by the court, in order to protect and preserve the value of assets that, by their nature or because of other circumstances, are perishable, susceptible to devaluation or otherwise in jeopardy; and
(c)any relief mentioned in paragraph 1(c), (d) or (g) of article 21.
2. Unless extended under paragraph 1(f) of article 21, the relief granted under this article terminates when the application for recognition is decided upon.
3. The court may refuse to grant relief under this article is such relief would interfere with the administration of a foreign main proceeding.
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