Regulation 16 Cross-border conversions: protection of creditors
(1) Where a creditor -
(a) is dissatisfied with the safeguards offered to creditors in the draft terms under Regulation 7(2)
(b) can credibly demonstrate that, due to the cross-border conversion, the satisfaction of the creditor's claim is at stake and that the creditor has not obtained adequate safeguards from the company in this regard,
the creditor may apply to the Court for adequate safeguards within 3 months of the relevant date.
(2) Any safeguards for creditors shall be conditional on the cross-border conversion taking effect in accordance with Regulation 20(6).
(3) Paragraphs (1) and (2) shall be without prejudice to the application of the law of the State concerning the satisfaction or securing of pecuniary or non-pecuniary obligations due to relevant authorities.