Subject to the provisions of Article 256-5 hereinafter, a foreign bankruptcy proceedings is recognized if:
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it is a foreign bankruptcy proceedings as defined in article 1-3;
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the representative requesting the recognition is a foreign representative, as defined in
article 1-3;
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the application complies with the requirements of paragraph 2 of Article 256-14;
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The application was submitted to the competent court referred to in article 256-3.
The foreign bankruptcy proceedingsshall be recognized:
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as a main foreign bankruptcy procedure if it takes place in the foreign State where the debtor has its main operations center;
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As a secondary foreign bankruptcy proceedings if the debtor has an establishment as defined in article 1-3 above, in the foreign State.
The decision regarding an application for recognition of foreign bankruptcy proceedings shall be rendered within a short period.
The provisions of articles 256-13 to 256-17 shall not prevent modification or cessation of recognition of foreign bankruptcy proceedings if it appears that the grounds for such recognitionwere totally or partially non-existent or that they have ceased to exist.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 132
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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