Where foreign proceedings and proceedings under the laws of the Republic relating to insolvency are taking place concurrently regarding the same debtor, the court must seek cooperation and coordination under sections 25, 26 and 27, and—
| (a) |
when the proceedings in the Republic are taking place at the time that the application for recognition of the foreign proceedings is filed— |
| (i) |
any relief granted under section 19 or 21 must be consistent with the proceedings in the Republic; and |
| (b) |
when the proceedings in the Republic commence after recognition, or after the filing of the application for recognition, of the foreign proceedings- |
| (i) |
any relief in effect under section 19 or 21 must be reviewed by the court and must be modified or terminated if inconsistent with the proceedings in the Republic; and |
| (ii) |
if the foreign proceedings are foreign main proceedings, the stay and suspension referred to in section 20(1) must be modified or terminated pursuant to section 20(2) if inconsistent with the proceedings in the Republic; |
| (c) |
in granting relief or in extending or modifying relief granted to a representative of foreign non-main proceedings, the court must be satisfied that the relief relates to assets that, under the law of the Republic, should be administered in the foreign non-main proceedings or concerns information required in those proceedings. |
Public Service Commission Act, 1997
