Section 242Part 17 — International Co-operation
Criteria upon which the Court ’ s discretion shall be exercised
←→ Navigate · Click subsection badges to collapse · Press ? for help
In determining whether to make an ancillary order under section 241 , the Court shall be guided by matters which will best assure an economic and expeditious administration of the debtor ’ s es tate, consistent with —
the just treatment of all holders of claims against or interests in a debtor ’ s estate wherever they may be domiciled;
the protection of claim holders in the Islands against prejudice and inconvenience in the processing of cl aims in the foreign bankruptcy proceeding;
the prevention of preferential or fraudulent dispositions of property comprised in the debtor ’ s estate;
the distribution of the debtor ’ s estate amongst creditors substantially in accordance with the order prescribed by Part 5 ;
the recognition and enforcement of security interests created by the debtor;
the non - enforcement of foreign taxes, fines and penalties; and
comity.
In the case of a debtor which is registered under Part 9 , the Court shall not make an ancillary order under section 241 without also considering whether it should make a winding up order under P art 5 in respect of its local branch.