| (1) |
This Act applies where— |
| (b) |
assistance is sought in a foreign State in connection with proceedings under the laws of the Republic relating to insolvency; or |
| (c) |
foreign proceedings and proceedings under the laws of the Republic relating to insolvency 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, proceedings under the laws of the Republic relating to insolvency. |
| (a) |
Subject to paragraph (b) , this Act applies in respect of any State designated by the Minister by notice in the Gazette . |
| (b) |
The Minister may only designate a State as contemplated in paragraph (a) if he or she is satisfied that the recognition accorded by the law of such a State to proceedings under the laws of the Republic relating to insolvency justifies the application of this Act to foreign proceedings in such State. |
| (3) |
The Minister may at any time by subsequent notice in the Gazette withdraw any notice under subsection (2)(a) , and thereupon any State referred to in such last-mentioned notice ceases to be a foreign State for the purposes of this Act. |
| (4) |
Any notice referred to in subsection (2)(a) or (3) must, before publication in the Gazette , be approved by Parliament. |
| (5) |
Where the Minister withdraws a notice in terms of subsection (3), such withdrawal does not affect any pending legal proceedings and such proceedings must continue as if the notice had not been withdrawn. |
[Subsection (5) added by section 30 of Act 55 of 2003.]
Special Investigating Units and Special Tribunals Act, 1996
