Back Link Text Only Rich Text Print Custom print

  • Section 1: Section 1: Introduction

    • Article 150 - Scope of Application

      (1) This Part applies where:
      (A) assistance is sought in the QFC by a court or a representative in connection with a non-QFC proceeding;
      (B) assistance is sought outside the QFC in connection with a proceeding under these Regulations; or
      (C) a non-QFC proceeding and a proceeding under these Regulations in respect of the same Company 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 the QFC, 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 the QFC Authority or the Regulatory 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 the QFC Court.

    • Article 154 - Authorisation of Administrator, Supervisor or Liquidator to act outside the QFC

      An Administrator, Supervisor or Liquidator is authorised to act outside the QFC on behalf of a proceeding under these Regulations, 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 the State and/or the QFC.

    • Article 156 - Additional assistance under other laws

      Nothing in this Part limits the power of the QFC Court or an Administrator, Supervisor or Liquidator to provide additional assistance to a non-QFC representative under other Regulations.

    • 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.