- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
1. Subject to article 6, a foreign proceeding shall be recognised if—
(a)it is a foreign proceeding within the meaning of sub-paragraph (i) of article 2;
(b)the foreign representative applying for recognition is a person or body within the meaning of sub-paragraph (j) of article 2;
(c)the application meets the requirements of paragraphs 2 and 3 of article 15; and
(d)the application has been submitted to the court referred to in article 4.
2. The foreign proceeding shall be recognised—
(a)as a foreign main proceeding if it is taking place in the State where the debtor has the centre of its main interests; or
(b)as a foreign non-main proceeding if the debtor has an establishment within the meaning of sub-paragraph (e) of article 2 in the foreign State.
3. An application for recognition of a foreign proceeding shall be decided upon at the earliest possible time.
4. The provisions of articles 15 to 16, this article and article 18 do not prevent modification or termination of recognition if it is shown that the grounds for granting it were fully or partially lacking or have fully or partially ceased to exist and in such a case, the court may, on the application of the foreign representative or a person affected by recognition, or of its own motion, modify or terminate recognition, either altogether or for a limited time, on such terms and conditions as the court thinks fit.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include: