SECTION 256-16

Subject to the provisions of Article 256-5 hereinafter, a foreign bankruptcy proceedings is recognized if: - it is a foreign bankruptcy proceedings as defined in article 1-3; - the representative requesting the recognition is a foreign representative, as defined in article 1-3; - the application complies with the requirements of paragraph 2 of Article 256-14; - The application was submitted to the competent court referred to in article 256-3. The foreign bankruptcy proceedingsshall be recognized: - as a main foreign bankruptcy procedure if it takes place in the foreign State where the debtor has its main operations center; - 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.