Article 176 - Coordination of a proceeding under these Regulations and a non-QFC proceeding

Where a non-QFC proceeding and a proceeding under these Regulations are taking place concurrently regarding the same Company, the QFC Court shall seek cooperation and coordination under Articles 172, 173 and 174, and the following shall apply:

(1) when the proceeding in the QFC is taking place at the time the application for recognition of the non-QFC proceeding is filed, any relief granted under Article 167 or 168 must be consistent with the proceeding in the QFC;
(2) when the proceeding in the QFC commences after recognition, or after the filing of the application for recognition, of the non-QFC proceeding, any relief in effect under Article 167 or 168 shall be reviewed by the QFC Court and shall be modified or terminated if inconsistent with the proceeding in the QFC; and
(3) in granting, extending or modifying relief granted 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.