laws of the enacting State relating to insolvency

Article 9 16 . Commencement of insolvency proceedings by foreign representatives 71 75 17

Article 9 16 . Commencement of insolvency proceedings by foreign representative

It was noted that national laws, in enumerating persons who may apply to commence an insolvency proceeding, often did not mention a representative of a foreign insolvency proceeding.

quot (1) A petition for recognition of a foreign proceeding , or a petition for provisional measures filed prior to an application for recognition, shall be submitted to the court accompanied by proof of the opening of the proceedings and of the appointment of the foreign representative.

The provision does not specify the kinds of motions the foreign representative might make and does not affect the provisions in the insolvency law of the enacting State that govern the fate of the motions.

In national laws that, in enumerating persons who may request the commencement of an insolvency proceeding, do not mention a representative of a foreign insolvency proceeding, it might be doubtful whether such a representative has standing for making the request.

Article 9 answered those questions by ensuring that the foreign representative had standing for requesting the opening of an insolvency proceeding.

Interventions were made to suggest that the right to request the opening of insolvency proceedings should not be extended to a representative in a foreign non main proceeding.

It was pointed out that, in practice, a request for the opening of a local insolvency proceeding might typically come into consideration at the initial stages of the foreign insolvency proceeding, often to secure control over the assets of the debtor.

In response it was observed that the foreign representative s right to request the opening of insolvency proceedings in respect of the debtor did not encompass a right to request the opening of insolvency proceedings in respect of subsidiary companies with a juridical personality of their own, except where such possibility was provided under the laws of the enacting State.

The Commission considered the question whether the foreign representative could apply to commence an insolvency proceeding prior to recognition.

Article 9. Application by a foreign representative to commence a proceeding under identify laws of the enacting State relating to insolvency

Article 9. Request by a foreign representative for opening of a proceeding under insert names of laws of the enacting State relating to insolvency

Article 9. Application by a foreign representative to commence a proceeding under identify laws of the enacting State relating to insolvency

quot A foreign representative is entitled to request the opening of proceedings in this State under insert names of laws of the enacting State relating to insolvency if the conditions for opening such proceedings under the law of this State are met. quot

The purpose of article 9 was to provide the foreign representative with an independent right to request the opening of insolvency proceedings in respect of the debtor, in addition to the creditors right to request the opening of such proceedings.

It was asked whether the foreign representative was also empowered to request the opening of insolvency proceedings in respect of subsidiary companies of the debtor in the enacting State.

Interventions were made to suggest that the right to request the opening of insolvency proceedings should not be extended to a representative in a foreign non main proceeding.

(50) The insolvency law should specify that, upon application to the court, a secured creditor should be entitled to protection of the value of the assets in which it has a security interest. The court may grant appropriate measures of protection that may include

It was stated that an alleged urgent need for preserving the assets of the debtor did not constitute sufficient reason for giving the foreign representative the right to request the opening of insolvency proceedings prior to recognition.

(137) The insolvency law should specify that a party in interest have a right to be heard on any issue in the insolvency proceedings that affects its rights, obligations or interests.

Regulators could not go back and fix it with their new Dodd Frank powers, because the firm would already be ripped asunder. So, as it stands now, regulators need to preempt bankruptcy, not rely on it, because as soon as any failed financial firm files for bankruptcy, it has signed its own death warrant.

However, strong support was expressed for making the recognition of the foreign representative a necessary condition for the right to request the opening of insolvency proceedings in the enacting State.

(172) The insolvency law should specify whether secured creditors are required to submit claims.

A foreign representative is entitled to request the opening of insolvency proceedings in the enacting State if the conditions for opening such a proceeding under the laws of the enacting State are met.

The complexity of the procedures applied and the Government apos s frugality in providing information about how applications are handled has led to a number of questions.

(c) Request any relief available to it in insolvency proceedings.

I was broke, facing bankruptcy.

And here is a bill to 300 litres of suplhur acid determined to the creating of hydrogen.

(62) The insolvency law should permit the insolvency representative to determine the treatment of any assets that are burdensome to the estate.

(35) The insolvency law should specify that the estate should include

(39) The insolvency law should specify that the court may grant relief of a provisional nature, at the request of the debtor, creditors or third parties, where relief is needed to protect and preserve the value of the assets of the debtor or the interests of creditors, between the time an application to commence insolvency proceedings is made and commencement of the proceedings, including

Now Al Dunlap would be brought in to save failing companies.

Data Processing ΚΕTHΙ, Documentation Department

quot (d) creditors or other interested parties in a foreign State have an interest in requesting the opening of or participating in a proceeding in this State under insert names of laws of the enacting State relating to insolvency . quot

(d) creditors or other interested parties in a foreign State have an interest in requesting the commencement of or participating in a proceeding in this State under identify laws of the enacting State relating to insolvency .

(d) creditors or other interested parties in a foreign State have an interest in requesting the commencement of or participating in a proceeding in this State under identify laws of the enacting State relating to insolvency .

In this case, the European Court of Human Rights ruled, on 16 September 1996, that illicit and unacceptable pressure had been exerted on the applicants to withdraw the applications they had submitted under the European Convention and that consequently the right to individual petition of these applicants had been violated.

(i) If the applicant is a newly organized entity and a certified balance sheet is not available, a pro forma balance sheet certified by an appropriate official of the applicant

(iv) The insolvency representative in the insolvency of the grantor or

It was suggested that such a link should be required, for example by adding words such as quot pending recognition of the foreign insolvency proceedings quot or quot in view of a future application for recognition quot .

quot (5) This article does not apply if, at the time of application for recognition, a proceeding is pending concerning the debtor under identify laws of the enacting State relating to insolvency . quot

(5) This article does not apply if, at the time of application for recognition, a proceeding is pending concerning the debtor under identify laws of the enacting State relating to insolvency .

(ll) Insolvency estate means assets and rights of the debtor that are controlled or supervised by the insolvency representative and subject to the insolvency proceedings.