(a)From the time of filing a petition for recognition until the court rules on the petition, the court may, at the request of the foreign representative, where relief is urgently needed to protect the assets of the debtor or the interests of the creditors, grant relief of a provisional nature, including—
(1)staying execution against the debtor’s assets;
(2)entrusting the administration or realization of all or part of the debtor’s assets located in the United States to the foreign representative or another person authorized by the court, including an examiner, 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; and
(3)any relief referred to in paragraph (3), (4), or (7) of section
(b)Unless extended under section
1521(a)(6), the relief granted under this section terminates when the petition for recognition is granted.
(c)It is a ground for denial of relief under this section that such relief would interfere with the administration of a foreign main proceeding.
(d)The court may not enjoin a police or regulatory act of a governmental unit, including a criminal action or proceeding, under this section.
(e)The standards, procedures, and limitations applicable to an injunction shall apply to relief under this section.
(f)The exercise of rights not subject to the stay arising under section
362(a) pursuant to paragraph (6), (7), (17), or (27) of section
362(b) or pursuant to section
362(o) shall not be stayed by any order of a court or administrative agency in any proceeding under this chapter.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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