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  • Section 3: Section 3: Recognition of a non-QFC Proceeding and Relief

    • Article 163 - Application for recognition of a non-QFC proceeding

      (1) A non-QFC representative may apply to the QFC Court for recognition of the non-QFC proceeding in which the non-QFC representative has been appointed.
      (2) An application for recognition shall be accompanied by:
      (A) a certificate from the court affirming the existence of the non-QFC proceeding and of the appointment of the non-QFC representative; or
      (B) in the absence of evidence referred to in Articles 163(2)(A), any other evidence acceptable to the QFC Court of the existence of the non-QFC proceeding and of the appointment of the non-QFC representative.
      (3) An application for recognition shall also be accompanied by a statement identifying all non-QFC proceedings in respect of the Company that are known to the non-QFC representative.
      (4) The QFC Court may require a translation of documents supplied in support of the application for recognition into English.

    • Article 164 - Presumptions concerning recognition

      (1) The QFC Court is entitled to presume that documents submitted in support of the application for recognition are authentic, whether or not they have been legalised.
      (2) In the absence of proof to the contrary, the Company's registered office is presumed to be the Company's centre of main interests.

    • Article 165 - Decision to recognise a non-QFC proceeding

      (1) Subject to Article 155, a non-QFC proceeding shall be recognised if:
      (A) the non-QFC proceeding is a proceeding within the meaning of Article 151(1);
      (B) the non-QFC representative applying for recognition is a person or body within the meaning of Article 151(4);
      (C) the application meets the requirements of Article 163(2); and
      (D) the application has been submitted to the QFC Court.
      (2) The non-QFC proceeding shall be recognised:
      (A) as a non-QFC main proceeding if it is taking place in the state where the Company has the centre of its main interests; or
      (B) as a non-QFC non-main proceeding if the Company has an establishment within the meaning of Article 151(5) outside the QFC.
      (3) An application for recognition of a non-QFC proceeding shall be decided upon at the earliest possible time.
      (4) The provisions of Articles 163, 164, 165 and 166 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 ceased to exist.

    • Article 166 - Subsequent information

      From the time of filing the application for recognition of the non-QFC proceeding, the non-QFC representative shall inform the QFC Court promptly of:

      (1) any substantial change in the status of the recognised non-QFC proceeding or the status of the non-QFC representative's appointment; and
      (2) any other non-QFC proceeding regarding the same Company that becomes known to the non-QFC representative.

    • Article 167 - Relief that may be granted upon application for recognition of a non-QFC proceeding

      (1) From the time of filing an application for recognition until the application is decided upon, the QFC Court may, at the request of the non-QFC representative, where relief is urgently needed to protect the assets of the Company or the interests of the creditors, grant relief of a provisional nature, including:
      (A) staying execution against the Company's assets;
      (B) entrusting the administration or realisation of all or part of the Company's assets located in the QFC to the non-QFC representative or another person designated by the QFC Court, in order to protect and preserve the value of assets that, by their nature or because of other circumstances are perishable, susceptible to devaluation or otherwise in jeopardy; and
      (C) any relief mentioned in Article 168(1)(C), (D) and (G).
      (2) Unless extended under Article 168(1)(F), the relief granted under this Article terminates when the application for recognition is decided upon.
      (3) The QFC Court may refuse to grant relief under this Article 167 if such relief would interfere with the administration of a non-QFC main proceeding.

    • Article 168 - Relief that may be granted upon recognition of a non-QFC proceeding

      (1) Upon recognition of a non-QFC proceeding, whether main or non-main, where necessary to protect the assets of the Company or the interests of the creditors, the QFC Court may, at the request of the non-QFC representative, grant any appropriate relief, including:
      (A) staying the commencement or continuation of individual actions or individual proceedings concerning the Company's assets, rights, obligations or liabilities;
      (B) staying execution against the Company's assets to the extent it has not been stayed;
      (C) suspending the right to transfer, encumber or otherwise dispose of any assets of the Company;
      (D) providing for the examination of witnesses, the taking of evidence or the delivery of information concerning the Company's assets, affairs, rights, obligations or liabilities;
      (E) entrusting the administration or realisation of all or part of the Company's assets located in the QFC to the non-QFC representative or another person designated by the QFC Court;
      (F) extending relief granted under Article 167(1); and
      (G) granting any additional relief that may be available to an Administrator, Supervisor or Liquidator under the laws of the QFC.
      (2) Upon recognition of a non-QFC proceeding, whether main or non-main, the QFC Court may, at the request of the non-QFC representative, entrust the distribution of all or part of the Company's assets located in the QFC to the non-QFC representative or another person designated by the QFC Court, provided that the QFC Court is satisfied that the interests of creditors in the QFC are adequately protected.
      (3) In granting relief under this Article to a representative of a non-QFC non-main proceeding, the QFC Court must be satisfied that the relief relates to assets that, under these Regulations, should be administered in the non-QFC non-main proceeding or concerns information required in that proceeding.

    • Article 169 - Protection of creditors and other interested persons

      (1) In granting or denying relief under Article 167 or 168, or in modifying or terminating relief under Article 169(3), the QFC Court must be satisfied that the interests of the creditors and other interested persons, including the Company, are adequately protected.
      (2) The QFC Court may subject relief granted under Article 167 or 168 to conditions it considers appropriate.
      (3) The QFC Court may, at the request of the non-QFC representative or a person affected by relief granted under Article 167 or 168, or at its own motion, modify or terminate such relief.

    • Article 170 - Actions to avoid acts detrimental to creditors

      (1) Upon recognition of a non-QFC proceeding, the non-QFC representative has standing to initiate administration or Liquidation (whether voluntary or compulsory).
      (2) When the non-QFC proceeding is a non-QFC non-main proceeding, the QFC Court must be satisfied that the action relates to assets that, under the law of the QFC, should be administered in the non-QFC non-main proceeding.

    • Article 171 - Intervention by a non-QFC representative in proceedings in the QFC

      Upon recognition of a non-QFC proceeding, the non-QFC representative may, provided the requirements of these Regulations are met, intervene in any proceedings in which the Company is a party.