Page:United States Statutes at Large Volume 119.djvu/158

 119 STAT. 140

PUBLIC LAW 109–8—APR. 20, 2005

‘‘(b) Such foreign proceeding shall be recognized— ‘‘(1) as a foreign main proceeding if it is pending in the country where the debtor has the center of its main interests; or ‘‘(2) as a foreign nonmain proceeding if the debtor has an establishment within the meaning of section 1502 in the foreign country where the proceeding is pending. ‘‘(c) A petition for recognition of a foreign proceeding shall be decided upon at the earliest possible time. Entry of an order recognizing a foreign proceeding constitutes recognition under this chapter. ‘‘(d) The provisions of this subchapter 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, but in considering such action the court shall give due weight to possible prejudice to parties that have relied upon the order granting recognition. A case under this chapter may be closed in the manner prescribed under section 350. Notice.

Applicability.

VerDate 14-DEC-2004

08:19 Oct 26, 2006

‘‘§ 1518. Subsequent information ‘‘From the time of filing the petition for recognition of a foreign proceeding, the foreign representative shall file with the court promptly a notice of change of status concerning— ‘‘(1) any substantial change in the status of such foreign proceeding or the status of the foreign representative’s appointment; and ‘‘(2) any other foreign proceeding regarding the debtor that becomes known to the foreign representative. ‘‘§ 1519. Relief that may be granted upon filing petition for recognition ‘‘(a) From the time of filing a petition for recognition until the court rules on the petition, the court may, at the request of the foreign representative, where relief is urgently needed to protect the assets of the debtor or the interests of the creditors, grant relief of a provisional nature, including— ‘‘(1) staying execution against the debtor’s assets; ‘‘(2) entrusting the administration or realization of all or part of the debtor’s assets located in the United States to the foreign representative or another person authorized by the court, including an examiner, 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 ‘‘(3) any relief referred to in paragraph (3), (4), or (7) of section 1521(a). ‘‘(b) Unless extended under section 1521(a)(6), the relief granted under this section terminates when the petition for recognition is granted. ‘‘(c) It is a ground for denial of relief under this section that such relief would interfere with the administration of a foreign main proceeding. ‘‘(d) The court may not enjoin a police or regulatory act of a governmental unit, including a criminal action or proceeding, under this section. ‘‘(e) The standards, procedures, and limitations applicable to an injunction shall apply to relief under this section.

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