Section 1519: Relief That May be Granted Upon Filing Petition For Recognition

 

Title 11 of the United States Code - Bankruptcy ANCILLARY AND OTHER CROSS-BORDER CASES – CHAPTER 15

Relief That May be Granted Upon Filing Petition For Recognition –Section 1519

11 USCS § 1519


(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) [11 USCS § 1521(a)].

(b) Unless extended under section 1521(a)(6) [11 USCS § 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.

(f) The exercise of rights not subject to the stay arising under section 362(a) [11 USCS § 362(a)] pursuant to paragraph (6), (7), (17), or (27) of section 362(b) [11 USCS § 362(b)] or pursuant to section 362(n) [11 USCS § 362(n)] shall not be stayed by any order of a court or administrative agency in any proceeding under this chapter [11 USCS §§ 1501 et seq.].

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