Cross-Border Insolvency Act, 2000 (Act No. 42 of 2000)Chapter 2 : Access of Foreign Representatives and Creditors to Courts in Republic13. Access of foreign creditors to proceedings under laws of Republic relating to involvency |
| (1) | Subject to subsection (2), foreign creditors have the same rights regarding the commencement of, and participation in, proceedings under the laws of the Republic relating to insolvency as creditors in the Republic. |
| (2) | Subsection (1) does not affect the ranking of claims in proceedings under the laws of the Republic relating to insolvency, except that the claims of foreign creditors may not be ranked lower than non-preferent claims. |
| (3) | Without derogating from the application of the law and practice of the Republic generally, the ranking of claims in respect of assets in the Republic is regulated by the law and practice of the Republic on the ranking of claims. |