Section 1: Section 1: Introduction
Article 150 - Scope of Application
(1) This Part applies where:(A) assistance is sought in theQFC by a court or a representative in connection with a non-QFC proceeding;(B) assistance is sought outside theQFC in connection with a proceeding under theseRegulations ; or(C) a non-QFC proceeding and a proceeding under theseRegulations in respect of the sameCompany are taking place concurrently.Article 151 - Definitions
For the purposes of this Part:
(1) "non-QFC proceeding" means a collective judicial or administrative proceeding outside theQFC , including an interim proceeding, pursuant to a law relating to insolvency in which proceeding the assets and affairs of the company are subject to control or supervision by a court, for the purpose of reorganisation, administration or liquidation;(2) "non-QFC main proceeding" means a non-QFC proceeding taking place in the state where the company has its centre of main interests;(3) "non-QFC non-main proceeding" means a non-QFC proceeding, other than a non-QFC main proceeding, taking place in a state where the company has an establishment within the meaning of Article 151(5);(4) "non-QFC representative" means a person or body, including one appointed on an interim basis, authorised in a non-QFC proceeding to administer the reorganisation or the liquidation of the company's assets or affairs or to act as a representative of the non-QFC proceeding;(5) "establishment" means any place of operations where the company carries out a non-transitory economic activity with human means and goods or services; and(6) "centre of main interests" means, subject to Article 164(2) the place where the company conducts the administration of its interests on a regular basis and is therefore ascertainable by third parties.Article 152 - International obligations of this State
To the extent that this Part conflicts with an obligation of the
State and/or theQFC Authority or theRegulatory Authority arising out of any treaty or other form of agreement to which it is a party with one or more other states, the requirements of the treaty or agreement prevail.Article 153 - Competent QFC Court
The functions referred to in this Part relating to recognition of non-
QFC proceedings and cooperation with courts shall be performed by theQFC Court .Article 154 - Authorisation of Administrator, Supervisor or Liquidator to act outside the QFC
An
Administrator ,Supervisor orLiquidator is authorised to act outside theQFC on behalf of a proceeding under theseRegulations , as permitted by the applicable non-QFC law.Article 155 - Public policy exception
Nothing in this Part prevents the
QFC Court from refusing to take an action governed by this Part if the action would manifestly be contrary to the public policy of theState and/or theQFC .Article 156 - Additional assistance under other laws
Nothing in this Part limits the power of the
QFC Court or anAdministrator ,Supervisor orLiquidator to provide additional assistance to a non-QFC representative under otherRegulations .Article 157 - Interpretation
In the interpretation of this Part, regard is to be had to its international origin and to the need to promote uniformity in its application and the observance of good faith.