• CHAPTER V CHAPTER V — Concurrent Proceedings

    • Article 28. Commencement of a proceeding under the law of the Abu Dhabi Global Market after recognition of a foreign main proceeding

      After recognition of a foreign main proceeding, a proceeding under these Regulations may be commenced only if the debtor has assets in the Abu Dhabi Global Market; the effects of that proceeding shall be restricted to the assets of the debtor that are located in the Abu Dhabi Global Market and, to the extent necessary to implement cooperation and coordination under Articles 25, 26 and 27, to other assets of the debtor that, under the law of the Abu Dhabi Global Market, should be administered in that proceeding.

    • Article 29. Coordination of a proceeding under these Regulations and a foreign proceeding

      Where a foreign proceeding and a proceeding under these Regulations are taking place concurrently regarding the same debtor, the Court shall seek cooperation and coordination under Articles 25, 26 and 27, and the following shall apply —

      (a) When the proceeding in the Abu Dhabi Global Market is taking place at the time the application for recognition of the foreign proceeding is filed —
      (i) any relief granted under Article 19 or 21 must be consistent with the proceeding in the Abu Dhabi Global Market; and
      (ii) if the foreign proceeding is recognised in the Abu Dhabi Global Market as a foreign main proceeding, Article 20 does not apply.
      (b) When the proceeding in the Abu Dhabi Global Market commences after recognition, or after the filing of the application for recognition, of the foreign proceeding —
      (i) any relief in effect under Article 19 or 21 shall be reviewed by the Court and shall be modified or terminated if inconsistent with the proceeding in the Abu Dhabi Global Market; and
      (ii) if the foreign proceeding is a foreign main proceeding, the stay and suspension referred to in paragraph (1) of Article 20 shall be modified or terminated pursuant to paragraph (2) of Article 20 if inconsistent with the proceeding in the Abu Dhabi Global Market.
      (c) In granting, extending or modifying relief granted to a representative of a foreign non-main proceeding, the Court must be satisfied that the relief relates to assets that, under the law of the Abu Dhabi Global Market, should be administered in the foreign non-main proceeding or concerns information required in that proceeding.

    • Article 30. Coordination of more than one foreign proceeding

      In matters referred to in Article 1, in respect of more than one foreign proceeding regarding the same debtor, the Court shall seek cooperation and coordination under Articles 25, 26 and 27, and the following shall apply —

      (a) any relief granted under Article 19 or 21 to a representative of a foreign non-main proceeding after recognition of a foreign main proceeding must be consistent with the foreign main proceeding;
      (b) if a foreign main proceeding is recognised after recognition, or after the filing of an application for recognition, of a foreign non-main proceeding, any relief in effect under Article 19 or 21 shall be reviewed by the Court and shall be modified or terminated if inconsistent with the foreign main proceeding; or
      (c) if, after recognition of a foreign non-main proceeding, another foreign non-main proceeding is recognised, the Court shall grant, modify or terminate relief for the purpose of facilitating coordination of the proceedings.

    • Article 31. Presumption of insolvency based on recognition of a foreign main proceeding

      In the absence of evidence to the contrary, recognition of a foreign main proceeding is, for the purpose of commencing a proceeding under these Regulations, proof that the debtor is insolvent.

    • Article 32. Rule of payment in concurrent proceedings

      Without prejudice to secured claims or rights in rem, a creditor who has received part payment in respect of its claim in a proceeding pursuant to a law relating to insolvency in a foreign State may not receive a payment for the same claim in a proceeding under these Regulations regarding the same debtor, so long as the payment to the other creditors of the same class is proportionately less than the payment the creditor has already received.