No. 7/2018
INSOLVENCY
Cap.6:07
is urgently needed to protect the assets of the debtor or the interests of the creditors,
grant relief of a provisional nature, including(a) staying execution against the debtor's assets;
(b) entrusting the administration or realisation of all or part of the debtor's
assets located in Zimbabwe to the foreign representative or another person
designated by the Court, in order to protect and preserve the value of assets
that, by their nature or because of other circumstances, are perishable,
susceptible to devaluation or otherwise in jeopardy;
(c) any relief mentioned in section 161(l)(c), (d) and (g).
(2) An order issued in terms of subsection ( 1) must be dealt with in the manner
contemplated in section 13 of this Act.
(3) Unless extended under section 161(l)(f), the relief granted under this section
terminates when the application for recognition is decided upon.
(4) The Court may refuse to grant relief under this section if such relief would
interfere with the administration of foreign main proceedings.
170 Effects of recognition of foreign main proceedings
(1) Upon recognition of foreign proceedings that are foreign main proceedings(a) commencement or continuation of individual legal actions or individual
legal proceedings concerning the debtor's assets, rights, obligations or
liabilities is stayed; and
(b) execution against the debtor's assets is stayed; and
(c) the right to transfer, encumber or otherwise dispose of any assets of the
debtor is suspended.
(2) The scope, and the modification or termination, of the stay and suspension
referred to in subsection (l) are subject to sections 16 and 19, and the Court may, at
the request of the foreign representative or a person affected by subsection ( 1), modify
or terminate the scope of the stay and suspension.
(3) Subsection ( 1)(a) does not affect the right to commence individual actions
or proceedings to the extent necessary to preserve a claim against the debtor.
(4) Subsection (l) does not affect the right to request the commencement of
proceedings under the laws of Zimbabwe relating to insolvency or the right to file
claims in such proceedings.
171 Relief that may be granted upon recognition of foreign proceedings
( 1) Upon recognition of foreign proceedings, whether main or non main, where
it is necessary to protect the assets of the debtor or the interests of the creditors, the
Court may, at the request of the foreign representative, grant any appropriate relief,
including(a) staying the commencement or continuation of individual legal proceedings
concerning the debtor's assets, rights, obligations or liabilities, to the
extent that they have not been stayed under section l60(l)(a);
(b)
staying execution against the debtor's assets to the extent it has not been
stayed under section l60(l)(b);
(c)
suspending the right to transfer, encumber or otherwise dispose of any
assets of the debtor to the extent that this right has not been suspended
under section 160(1 )(c);
providing for the examination of witnesses, the taking of evidence or the
delivery of information concerning the debtor's assets, affairs, rights,
obligations or liabilities;
(d)
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