Chapter 2 Chapter 2 — Recognition of foreign insolvency proceedings
271. UNCITRAL Model Law to have force of law(1) The UNCITRAL Model Law shall have the force of law in the Abu Dhabi Global Market in the form set out in Schedule 10 (Application of UNCITRAL Model Law) (which contains the UNCITRAL Model Law with certain modifications to adapt it for application in the Abu Dhabi Global Market).(2) Without prejudice to any practice of the Court as to the matters which may be considered apart from this subsection, the following documents may be considered in ascertaining the meaning or effect of any provision of the UNCITRAL Model Law as set out in Schedule 10 (Application of UNCITRAL Model Law) —(a) the UNCITRAL Model Law;(b) any documents of the United Nations Commission on International Trade Law and its working group relating to the preparation of the UNCITRAL Model Law; and(c) the Guide to Enactment of the UNCITRAL Model Law (UNCITRAL document A/CN.9/442) prepared at the request of the United Nations Commission on International Trade Law made in May 1997.
272. Modification of insolvency law of the Abu Dhabi Global Market(1) These Regulations shall apply with such modifications as the context requires for the purpose of giving effect to the provisions of Schedule 10 (Application of UNCITRAL Model Law).(2) In the case of any conflict between any provision of these Regulations and Schedule 10 (Application of UNCITRAL Model Law), the latter shall prevail.
273. Part 9 to be disapplied
Nothing in Part 9 (Insolvency Practitioners) applies to anything done by a foreign representative —(a) under or by virtue of these Regulations; or(b) in relation to relief granted or cooperation provided under these Regulations.
274. Overriding provisions
The Court shall not grant any relief, or modify any relief already granted, or provide any co-operation or coordination, under or by virtue of any of the provisions of Schedule 10 (Application of UNCITRAL Model Law) if and to the extent that such relief or modified relief or cooperation or coordination would —(a) be prohibited under or by virtue of —(i) the Financial Market Regulations or the business rules of any market institution authorised under the Financial Market Regulations; or(ii) the provisions of Part 7 (Financial Markets and Netting);in the case of a proceeding under these Regulations; or(b) interfere with or be inconsistent with any rights of a collateral-taker under Part 7 (Financial Markets and Netting) which could be exercised in the case of such a proceeding.