• SCHEDULE 10 SCHEDULE 10 APPLICATION OF UNCITRAL MODEL LAW

    • CHAPTER I CHAPTER I — General Provisions

      • Article 1. Scope of application

        (1) This Law applies where —
        (a) assistance is sought in the Abu Dhabi Global Market by a foreign court or a foreign representative in connection with a foreign proceeding;
        (b) assistance is sought in a foreign State in connection with a proceeding under these Regulations;
        (c) a foreign proceeding and a proceeding under these Regulations in respect of the same debtor are taking place concurrently; or
        (d) creditors or other interested persons in a foreign State have an interest in requesting the commencement of, or participating in, a proceeding under these Regulations.
        (2) This Law does not apply to a proceeding concerning an entity which the Board designates as an entity which falls within this paragraph (2).

      • Article 2. Definitions

        For the purposes of this law —

        (a) "foreign proceeding" means a collective judicial or administrative proceeding in a foreign State, including an interim proceeding, pursuant to a law relating to insolvency in which proceeding the assets and affairs of the debtor are subject to control or supervision by a foreign court, for the purpose of reorganisation or liquidation;
        (b) "foreign main proceeding" means a foreign proceeding taking place in the State where the debtor has the centre of its main interests;
        (c) "foreign non-main proceeding" means a foreign proceeding, other than a foreign main proceeding, taking place in a State where the debtor has an establishment within the meaning of sub-paragraph (f) of this article;
        (d) "foreign representative" means a person or body, including one appointed on an interim basis, authorised in a foreign proceeding to administer the reorganisation or the liquidation of the debtor's assets or affairs or to act as a representative of the foreign proceeding;
        (e) "foreign court" means a judicial or other authority competent to control or supervise a foreign proceeding;
        (f) "establishment" means any place of operations where the debtor carries out a non-transitory economic activity with human means and goods or services; and
        (g) "Abu Dhabi Global Market Insolvency Officeholder" means a liquidator or provisional liquidator within the meaning of these Regulations.

      • Article 3. International obligations of the Abu Dhabi Global Market

        To the extent that this Law conflicts with an obligation of the Abu Dhabi Global Market arising out of any treaty or other form of agreement to which it is a party with one or more other States, the requirements of the treaty or agreement prevail.

      • Article 4. Competent court

        The functions referred to in this Law relating to recognition of foreign proceedings and cooperation with foreign courts shall be performed by the Court.

      • Article 5. Authorisation of Office-holder to act in a foreign State

        An Office-holder is authorised to act in a foreign State on behalf of a proceeding under these Regulations, as permitted by the applicable foreign law.

      • Article 6. Public policy exception

        Nothing in this Law prevents the Court from refusing to take an action governed by this Law if the action would be manifestly contrary to the public policy of the Abu Dhabi Global Market.

      • Article 7. Additional assistance under other laws

        Nothing in this Law limits the power of the Court or an Office-holder to provide additional assistance to a foreign representative under other laws of the Abu Dhabi Global Market.

      • Article 8. Interpretation

        In the interpretation of this law, regard is to be had to its international origin and to the need to promote uniformity in its application and the observance of good faith.

    • CHAPTER II CHAPTER II — Access of Foreign Representatives and Creditors to Courts in the Abu Dhabi Global Market

      • Article 9. Right of direct access

        A foreign representative is entitled to apply directly to the Court.

      • Article 10. Limited jurisdiction

        The sole fact that an application pursuant to this Law is made to the Court by a foreign representative does not subject the foreign representative or the foreign assets of the debtor to the jurisdiction of the Court for any purpose other than the application.

      • Article 11. Application by a foreign representative to commence a proceeding under these Regulations

        A foreign representative appointed in foreign main proceedings or foreign non-main proceedings is entitled to apply to commence a proceeding under these Regulations if the conditions for commencing such a proceeding are otherwise met.

      • Article 12. Participation of a foreign representative in a proceeding under these Regulations

        Upon recognition of a foreign proceeding, the foreign representative is entitled to participate in a proceeding regarding the debtor under these Regulations.

      • Article 13. Access of foreign creditors to a proceeding under these Regulations

        (1) Subject to paragraph (2) of this Article, foreign creditors have the same rights regarding the commencement of, and participation in, a proceeding under these Regulations as creditors in the Abu Dhabi Global Market.
        (2) Paragraph (1) of this Article does not affect the ranking of claims in a proceeding under these Regulations, except that the claims of foreign creditors shall not be given lower priority than that of general unsecured creditors solely because the holder of such a claim is a foreign creditor.

      • Article 14. Notification to foreign creditors of a proceeding under these Regulations

        (1) Whenever under these Regulations notification is to be given to creditors in the Abu Dhabi Global Market, such notification shall also be given to the known creditors that do not have addresses in the Abu Dhabi Global Market. The Court may order that appropriate steps be taken with a view to notifying any creditor whose address is not yet known.
        (2) Such notification shall be made to the foreign creditors individually, unless the Court considers that, under the circumstances, some other form of notification would be more appropriate. No letters rogatory or other, similar formality is required.
        (3) When a notification of a right to file a claim is to be given to foreign creditors, the notification shall —
        (a) indicate a reasonable time period for filing claims and specify the place for their filing;
        (b) indicate whether secured creditors need to file their secured claims; and
        (c) contain any other information required to be included in such a notification to creditors pursuant to the law of the Abu Dhabi Global Market and the orders of the Court.

    • CHAPTER III CHAPTER III — Recognition of a Foreign Proceeding and Relief

      • Article 15. Application for recognition of a foreign proceeding

        (1) A foreign representative may apply to the Court for recognition of the foreign proceeding in which the foreign representative has been appointed.
        (2) An application for recognition shall be accompanied by —
        (a) a certified copy of the decision commencing the foreign proceeding and appointing the foreign representative;
        (b) a certificate from the foreign court affirming the existence of the foreign proceeding and of the appointment of the foreign representative; or
        (c) in the absence of evidence referred to in sub-paragraphs (a) and (b), any other evidence acceptable to the Court of the existence of the foreign proceeding and of the appointment of the foreign representative.
        (3) An application for recognition shall also be accompanied by a statement identifying all foreign proceedings and proceedings under these Regulations in respect of the debtor that are known to the foreign representative.
        (4) The Court may require a translation of documents supplied in support of the application for recognition into an official language of the Abu Dhabi Global Market.

      • Article 16. Presumptions concerning recognition

        (1) If the decision or certificate referred to in paragraph (2) of Article 15 indicates that the foreign proceeding is a proceeding within the meaning of sub-paragraph (a) of Article 2 and that the foreign representative is a person or body within the meaning of sub-paragraph (d) of Article 2, the Court is entitled to so presume.
        (2) The Court is entitled to presume that documents submitted in support of the application for recognition are authentic, whether or not they have been legalised.
        (3) In the absence of proof to the contrary, the debtor's registered office, or habitual residence in the case of an individual, is presumed to be the centre of the debtor's main interests.

      • Article 17. Decision to recognise a foreign proceeding

        (1) Subject to Article 6, a foreign proceeding shall be recognised if —
        (a) the foreign proceeding is a proceeding within the meaning of sub-paragraph (a) of Article 2;
        (b) the foreign representative applying for recognition is a person or body within the meaning of sub-paragraph (d) of Article 2;
        (c) the application meets the requirements of paragraph (2) of Article 15; and
        (d) the application has been submitted to the Court referred to in Article 4.
        (2) The foreign proceeding shall be recognised —
        (a) as a foreign main proceeding if it is taking place in the State where the debtor has the centre of its main interests; or
        (b) as a foreign non-main proceeding if the debtor has an establishment within the meaning of sub-paragraph (f) of Article 2 in the foreign State.
        (3) An application for recognition of a foreign proceeding shall be decided upon at the earliest possible time.
        (4) The provisions of Articles 15 to 16, this Article and Article 18 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 18. Subsequent information

        From the time of filing the application for recognition of the foreign proceeding, the foreign representative shall inform the Court promptly of —

        (a) any substantial change in the status of the recognised foreign proceeding or the status of the foreign representative's appointment; and
        (b) any other foreign proceeding or proceeding under these Regulations regarding the same debtor that becomes known to the foreign representative.

      • Article 19. Relief that may be granted upon application for recognition of a foreign proceeding

        (1) From the time of filing an application for recognition until the application is decided upon, 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 —
        (a) staying execution against the debtor's assets;
        (b) entrusting the administration or realization of all or part of the debtor's assets located in the Abu Dhabi Global Market to the foreign representative or another person designated by the 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; or
        (c) any relief mentioned in paragraph (1)(c), (d) and (g) of Article 21.
        (2) Unless extended under paragraph (1)(f) of Article 21, the relief granted under this Article terminates when the application for recognition is decided upon.
        (3) The Court may refuse to grant relief under this Article if such relief would interfere with the administration of a foreign main proceeding.

      • Article 20. Effects of recognition of a foreign main proceeding

        (1) Upon recognition of a foreign proceeding that is a foreign main proceeding —
        (a) commencement or continuation of individual actions or individual proceedings concerning the debtor's assets, rights, obligations or liabilities is stayed;
        (b) execution against the debtor's assets is stayed; and
        (c) the right to transfer, encumber or otherwise dispose of any assets of the debtor is suspended.
        (2) The stay and suspension referred to in paragraph (1) of this Article shall be —
        (a) the same in scope and effect as if the debtor had been made the subject of a winding-up order under these Regulations; and
        (b) subject to the same powers of the Court and the same prohibitions, limitations, exceptions and conditions as would apply under these Regulations in such a case, and the provisions of paragraph (1) of this Article shall be interpreted accordingly.
        (3) Paragraph (1)(a) of this Article does not affect the right to commence individual actions or proceedings to the extent necessary to preserve a claim against the debtor.
        (4) Paragraph (1) of this Article does not affect the right to request or otherwise initiate the commencement of a proceeding under these Regulations or the right to file claims in such a proceeding.

      • Article 21. Relief that may be granted upon recognition of a foreign proceeding

        (1) Upon recognition of a foreign proceeding, whether main or non-main, where necessary to protect the assets of the debtor or the interests of the creditors, the Court may, at the request of the foreign representative, grant any appropriate relief, including —
        (a) staying the commencement or continuation of individual actions or individual proceedings concerning the debtor's assets, rights, obligations or liabilities, to the extent they have not been stayed under paragraph (1)(a) of Article 20;
        (b) staying execution against the debtor's assets to the extent it has not been stayed under paragraph (1)(b) of Article 20;
        (c) suspending the right to transfer, encumber or otherwise dispose of any assets of the debtor to the extent this right has not been suspended under paragraph (1)(c) of Article 20;
        (d) providing for the examination of witnesses, the taking of evidence or the delivery of information concerning the debtor's assets, affairs, rights, obligations or liabilities;
        (e) entrusting the administration or realisation of all or part of the debtor's assets located in the Abu Dhabi Global Market to the foreign representative or another person designated by the Court;
        (f) extending relief granted under paragraph (1) of Article 19; or
        (g) granting any additional relief that may be available to it under the laws of the Abu Dhabi Global Market.
        (2) Upon recognition of a foreign proceeding, whether main or non-main, the Court may, at the request of the foreign representative, entrust the distribution of all or part of the debtor's assets located in the Abu Dhabi Global Market to the foreign representative or another person designated by the Court, provided that the Court is satisfied that the interests of creditors in the Abu Dhabi Global Market are adequately protected.
        (3) In granting relief under this Article to a representative of a foreign non-main proceeding, the Court must be satisfied that the relief relates to assets that, under the law of the Abu Dhabi Global Market, should be administered in the foreign non-main proceeding or concerns information required in that proceeding.

      • Article 22. Protection of creditors and other interested persons

        (1) In granting or denying relief under Article 19 or 21, or in modifying or terminating relief under paragraph (3) of this Article, the Court must be satisfied that the interests of the creditors and other interested persons, including the debtor, are adequately protected.
        (2) The Court may subject relief granted under Article 19 or 21 to conditions it considers appropriate.
        (3) The Court may, at the request of the foreign representative or a person affected by relief granted under Article 19 or 21, or at its own motion, modify or terminate such relief.

      • Article 23. Actions to avoid acts detrimental to creditors

        (1) Upon recognition of a foreign proceeding, the foreign representative has standing to make an application to the Court for an order under or in connection with Chapter 3 (Voidable Transactions) of Part 4 (Protection of Assets in Liquidation and Administration) of these Regulations.
        (2) When the foreign proceeding is a foreign non-main proceeding, the Court must be satisfied that the action relates to assets that, under the law of the Abu Dhabi Global Market, should be administered in the foreign non-main proceeding.
        (3) At any time when a proceeding under these Regulations is taking place regarding the debtor, the foreign representative shall not make an application under this Article except with the permission of the Court.

      • Article 24. Intervention by a foreign representative in proceedings in the Abu Dhabi Global Market

        Upon recognition of a foreign proceeding, the foreign representative may, provided the requirements of the law of the Abu Dhabi Global Market are met, intervene in any proceedings in which the debtor is a party.

    • CHAPTER IV CHAPTER IV — Cooperation with Foreign Courts and Foreign Representatives

      • Article 25. Cooperation and direct communication between the Court and foreign courts or foreign representatives

        (1) In matters referred to in Article 1, the Court shall cooperate to the maximum extent possible with foreign courts or foreign representatives, either directly or through an Abu Dhabi Global Market Office-holder.
        (2) The Court is entitled to communicate directly with, or to request information or assistance directly from, foreign courts or foreign representatives.

      • Article 26. Cooperation and direct communication between the Abu Dhabi Global Market Office-holder and foreign courts or foreign representatives

        (1) In matters referred to in Article 1, an Abu Dhabi Global Market Office-holder shall, in the exercise of its functions and subject to the supervision of the Court, cooperate to the maximum extent possible with foreign courts or foreign representatives.
        (2) The Office-holder is entitled, in the exercise of its functions and subject to the supervision of the Court, to communicate directly with foreign courts or foreign representatives.

      • Article 27. Forms of cooperation

        Cooperation referred to in Articles 25 and 26 may be implemented by any appropriate means, including —

        (a) appointment of a person or body to act at the direction of the Court;
        (b) communication of information by any means considered appropriate by the Court;
        (c) coordination of the administration and supervision of the debtor's assets and affairs;
        (d) approval or implementation by the Court of agreements concerning the coordination of proceedings; or
        (e) coordination of concurrent proceedings regarding the same debtor.

    • CHAPTER V CHAPTER V — Concurrent Proceedings

      • Article 28. Commencement of a proceeding under the law of the Abu Dhabi Global Market after recognition of a foreign main proceeding

        After recognition of a foreign main proceeding, a proceeding under these Regulations may be commenced only if the debtor has assets in the Abu Dhabi Global Market; the effects of that proceeding shall be restricted to the assets of the debtor that are located in the Abu Dhabi Global Market and, to the extent necessary to implement cooperation and coordination under Articles 25, 26 and 27, to other assets of the debtor that, under the law of the Abu Dhabi Global Market, should be administered in that proceeding.

      • Article 29. Coordination of a proceeding under these Regulations and a foreign proceeding

        Where a foreign proceeding and a proceeding under these Regulations are taking place concurrently regarding the same debtor, the Court shall seek cooperation and coordination under Articles 25, 26 and 27, and the following shall apply —

        (a) When the proceeding in the Abu Dhabi Global Market is taking place at the time the application for recognition of the foreign proceeding is filed —
        (i) any relief granted under Article 19 or 21 must be consistent with the proceeding in the Abu Dhabi Global Market; and
        (ii) if the foreign proceeding is recognised in the Abu Dhabi Global Market as a foreign main proceeding, Article 20 does not apply.
        (b) When the proceeding in the Abu Dhabi Global Market commences after recognition, or after the filing of the application for recognition, of the foreign proceeding —
        (i) any relief in effect under Article 19 or 21 shall be reviewed by the Court and shall be modified or terminated if inconsistent with the proceeding in the Abu Dhabi Global Market; and
        (ii) if the foreign proceeding is a foreign main proceeding, the stay and suspension referred to in paragraph (1) of Article 20 shall be modified or terminated pursuant to paragraph (2) of Article 20 if inconsistent with the proceeding in the Abu Dhabi Global Market.
        (c) In granting, extending or modifying relief granted to a representative of a foreign non-main proceeding, the Court must be satisfied that the relief relates to assets that, under the law of the Abu Dhabi Global Market, should be administered in the foreign non-main proceeding or concerns information required in that proceeding.

      • Article 30. Coordination of more than one foreign proceeding

        In matters referred to in Article 1, in respect of more than one foreign proceeding regarding the same debtor, the Court shall seek cooperation and coordination under Articles 25, 26 and 27, and the following shall apply —

        (a) any relief granted under Article 19 or 21 to a representative of a foreign non-main proceeding after recognition of a foreign main proceeding must be consistent with the foreign main proceeding;
        (b) if a foreign main proceeding is recognised after recognition, or after the filing of an application for recognition, of a foreign non-main proceeding, any relief in effect under Article 19 or 21 shall be reviewed by the Court and shall be modified or terminated if inconsistent with the foreign main proceeding; or
        (c) if, after recognition of a foreign non-main proceeding, another foreign non-main proceeding is recognised, the Court shall grant, modify or terminate relief for the purpose of facilitating coordination of the proceedings.

      • Article 31. Presumption of insolvency based on recognition of a foreign main proceeding

        In the absence of evidence to the contrary, recognition of a foreign main proceeding is, for the purpose of commencing a proceeding under these Regulations, proof that the debtor is insolvent.

      • Article 32. Rule of payment in concurrent proceedings

        Without prejudice to secured claims or rights in rem, a creditor who has received part payment in respect of its claim in a proceeding pursuant to a law relating to insolvency in a foreign State may not receive a payment for the same claim in a proceeding under these Regulations regarding the same debtor, so long as the payment to the other creditors of the same class is proportionately less than the payment the creditor has already received.