BELIZE Law and Practice Contributed by: Tim Prudhoe, Nadia Chiesa and Lemelko Missick, Stanbrook Prudhoe
connection to the jurisdiction, primarily through its centre of main interests (COMI), establishment or assets located within Belize. The High Court of Belize has authority to open insol - vency or restructuring proceedings where the debtor is registered, domiciled or carries on business in Belize. Jurisdiction also exists if the debtor holds property or conducts economic activity within the country. Under Part XVIII (Sections 450–478), a foreign pro - ceeding is recognised as a foreign main proceeding if it takes place in the country where the debtor has its COMI, or as a foreign non-main proceeding if the debtor maintains an establishment there (Sections 451 (1) and 463 (3)). The High Court determines the COMI based on the debtor’s registered office, habit - ual residence or principal place of business, unless proven otherwise. A foreign representative may apply for recognition under Section 462, and upon verification that the pro - ceeding qualifies as a main or non-main proceeding, the High Court may grant recognition and co-ordinate cross-border co-operation (Sections 463–464). 6.3 Applicable Law In Belize, the Act governs all restructuring and insol - vency proceedings commenced within its jurisdiction. Also, the Act provides a comprehensive domestic framework regulating administration, receivership, liquidation, bankruptcy and restructuring processes. Proceedings initiated in Belize are conducted entirely under the Act and related local statutes such as the Companies Act, Financial Services Commission Act and Security Interest in Movable Property Act. This includes the appointment of insolvency practition - ers, recognition and ranking of claims, distribution of assets, and the rights and obligations of creditors and debtors. Under Part XVIII (Sections 450–478), the High Court may recognise and co-operate with foreign insolvency proceedings. However, the law of Belize applies to all property and transactions within its territory. Sec - tion 452 of the Act gives effect to international treaties where applicable, while Section 453 allows the Court
to refuse recognition or assistance if doing so would contravene Belizean public policy. Moreover, in cross-border matters, the High Court may, under Section 481 (5) of the Act, apply either Belizean law or the law governing the foreign proceed - ing to ensure fairness and consistency, provided it aligns with domestic insolvency principles. 6.4 Recognition and Enforceability Belize recognises and enforces foreign restructuring and insolvency proceedings through court-approved recognition and orders in aid, provided the proceed - ings meet statutory definitions and respect domestic legal principles. Under Part XVIII (Sections 450–478) of the Act, Belize formally recognises foreign insolvency and restructur - ing proceedings. A foreign representative may apply to the High Court for recognition of a foreign proceed - ing under Section 462. Recognition is granted if the proceeding qualifies as a foreign proceeding (defined in Section 451) and does not conflict with Belize’s public policy (Section 453). The Court may recognise it as a foreign main proceeding (where the debtor’s main interests are located) or a foreign non-main proceed - ing, and once recognised, may stay actions, protect assets or co-ordinate with foreign courts (Sections 464–468 and 472–474). Foreign judgments and orders can be enforced under Part XIX (Sections 479–483). A foreign representative from a recognised jurisdiction may apply to the High Court for an order in aid of a foreign proceeding (Sec - tion 480). The Court will enforce such orders if they are consistent with Belizean law, ensure fair treatment of creditors and do not contravene public policy (Sec - tion 481). 6.5 Co-Ordination in Cross-Border Cases Under Section 476 of the Act, the courts in Belize actively promote judicial co-operation and co-ordina - tion with foreign courts and insolvency office holders in cross-border insolvency matters. Section 476 provides a detailed framework ensuring that, when a foreign proceeding and a Belize insol - vency proceeding occur concurrently regarding the
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