Section 1: Section 1: Introduction
Article 150 - Scope of Application(1) This Part applies where:(A) assistance is sought in the
QFCby a court or a representative in connection with a non- QFCproceeding;(B) assistance is sought outside the QFCin connection with a proceeding under these Regulations; or(C) a non- QFCproceeding and a proceeding under these Regulationsin respect of the same Companyare taking place concurrently.
Article 151 - Definitions
For the purposes of this Part:(1) "non-
QFCproceeding" 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- QFCmain proceeding" means a non- QFCproceeding taking place in the state where the company has its centre of main interests;(3) "non- QFCnon-main proceeding" means a non- QFCproceeding, other than a non- QFCmain proceeding, taking place in a state where the company has an establishment within the meaning of Article 151(5);(4) "non- QFCrepresentative" means a person or body, including one appointed on an interim basis, authorised in a non- QFCproceeding to administer the reorganisation or the liquidation of the company's assets or affairs or to act as a representative of the non- QFCproceeding;(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
Stateand/or the QFC Authorityor the Regulatory Authorityarising 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-
QFCproceedings and cooperation with courts shall be performed by the QFC Court.
Article 154 - Authorisation of Administrator, Supervisor or Liquidator to act outside the QFC
Administrator, Supervisoror Liquidatoris authorised to act outside the QFCon behalf of a proceeding under these Regulations, as permitted by the applicable non- QFClaw.
Article 155 - Public policy exception
Nothing in this Part prevents the
QFC Courtfrom refusing to take an action governed by this Part if the action would manifestly be contrary to the public policy of the Stateand/or the QFC.
Article 156 - Additional assistance under other laws
Nothing in this Part limits the power of the
QFC Courtor an Administrator, Supervisoror Liquidatorto provide additional assistance to a non- QFCrepresentative 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.