Effect of out-of-jurisdiction compromise or arrangement
439 Effect of out-of-jurisdiction compromise or arrangement
A compromise or arrangement that is binding on any creditors of a participating co-operative because of a provision of the law of another jurisdiction that corresponds to this Part is also binding on the creditors of the participating co‑operative whose debts are recoverable by action in a court of this jurisdiction.
If a court of another jurisdiction makes an order under a provision of the law of that jurisdiction that corresponds to a provision of this Part, the order is taken to have been made by the
Supreme Court of this jurisdiction under the corresponding provision of this Law, and has effect and may be enforced accordingly.
This Act’s bill:Explanatory statement
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