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Cross-Border Insolvency Act, 2000 (Act No. 42 of 2000)

Chapter 3  : Recognition of Foreign Proceedings and Relief

19. Relief that may be granted upon application for recognition of foreign proceedings

 

 

(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 realisation of all or part of the debtor's assets located in the Republic 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;
(c) any relief mentioned in section 21(1)(c), (d) and (g) .

 

(2) An order issued under subsection (1) must be dealt with as contemplated in section 17 of the Insolvency Act, 1936 (Act No. 24 of 1936), or section 357(1) and (4) of the Companies Act, 1973 (Act No. 61 of 1973), as the case may be.

 

(3) Unless extended under section 21(1)(f) , the relief granted under this section terminates when the application for recognition is decided upon.

 

(4) The court may refuse to grant relief under this section if such relief would interfere with the administration of foreign main proceedings.