No. 7/2018
INSOLVENCY
Cap.6:07
"foreign non main proceedings" means foreign proceedings. other than
foreign main proceedings, taking place in a State where the debtor has
an establishment:
"foreign proceedings" means collective judicial or administrative proceedings
in a foreign State, inc! uding interim proceedings, pursuant to a lm\ relating
to insolvency in which proceedings the assets and affairs of the debtor
are subject to control or supervision by a foreign Court, for the purpose
of reorganisation or liquidation;
"foreign representative" means a person or body, including one appointed
on an interim basis, authorised in foreign proceedings to administer the
reorganisation or the liquidation of the debtor's assets or affairs or to act
as a representative of the foreign proceedings;
"foreign State" means a State not designated under section 152(2):
"Minister" means the Cabinet member responsible for the administration of
justice;
"receiver" means a receiver or other person appointed to administer a
compromise or arrangement sanctioned by a Court.
151 Purpose of Part
The purpose of this Part is to provide effective mechanisms for dealing with cases
of cross border insolvency so as to promote(a)
co-operation between the Courts and other competent authorities of
Zimbabwe and those of foreign States involved in cases of cross border
insolvency;
(b)
greater legal certainty for trade and investment;
(c)
fair and efficient administration of cross border insolvencies that protects
the interests of all creditors and other interested persons, including the
debtor;
(d)
protection and maximisation of the value of the debtor's assets;
(e)
facilitation of the rescue of financially troubled businesses, thereby
protecting investment and preserving employment.
152 Scope of application
( 1) This Part applies where-
(a)
assistance is sought in Zimbabwe by a foreign Court or a foreign
representative in connection with foreign proceedings; or
(b)
assistance is sought in a foreign State in connection \Vith proceedings
under the lmvs of Zimbabwe relating to insolvency; or
(c)
foreign proceedings and proceedings under the laws of Zimbabwe relating
to insolvency in respect of the same debtor arc 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 Zimbabwe relating to insolvency.
(2) Subject to paragraph (b), this Part applies in respect of any State not
designated by the Minister by notice in the Gazette.
(3) The Minister may designate a State if he or she is satisfied that the recognition
accorded by the law of such a State to proceedings under the laws of Zimbabwe relating
to insolvency does not justify the application of this Part to foreign proceedings in that
State.
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