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The Cross-Border Insolvency Regulations (Northern Ireland) 2007

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Article 21. Relief that may be granted upon recognition of a foreign proceeding

1.  Upon recognition of a foreign proceeding, whether main or non-main, where necessary to protect the assets of the debtor or the interests of the creditors, the court may, at the request of the foreign representative, grant any appropriate relief, including—

(a)staying the commencement or continuation of individual actions or individual proceedings concerning the debtor’s assets, rights, obligations or liabilities, to the extent they have not been stayed under paragraph 1(a) of article 20;

(b)staying execution against the debtor’s assets to the extent it has not been stayed under paragraph 1(b) of article 20;

(c)suspending the right to transfer, encumber or otherwise dispose of any assets of the debtor to the extent this right has not been suspended under paragraph 1(c) of article 20;

(d)providing for the examination of witnesses, the taking of evidence or the delivery of information concerning the debtor’s assets, affairs, rights, obligations or liabilities;

(e)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;

(f)extending relief granted under paragraph 1 of article 19; and

(g)granting any additional relief that may be available to a Northern Ireland insolvency officeholder under the law of Northern Ireland, including any relief provided under paragraph 44 of Schedule B1 to the Insolvency (Northern Ireland) Order 1989(1).

2.  Upon recognition of a foreign proceeding, whether main or non-main, the court may, at the request of the foreign representative, entrust the distribution of all or part of the debtor’s assets located in Northern Ireland to the foreign representative or another person designated by the court, provided that the court is satisfied that the interests of creditors in Northern Ireland are adequately protected.

3.  In granting relief under this article to a representative of a foreign non-main proceeding, the court must be satisfied that the relief relates to assets that, under the law of Northern Ireland, should be administered in the foreign non-main proceeding or concerns information required in that proceeding.

4.  No stay under paragraph 1(a) shall affect the right to commence or continue any criminal proceedings or any action or proceedings by a person or body having regulatory, supervisory or investigative functions of a public nature, being an action or proceedings brought in the exercise of those functions.

(1)

Schedule B1 was inserted by Article 3(2) of, and Schedule 1 to, the Insolvency (Northern Ireland) Order 2005, (S.I. 2005/1455 (N.I. 10))

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