(b) Treatment of intra-group debts (claims against the debtor company by related group companies).

An independent expert could be retained by the debtor company to facilitate judicial review.

(b) Treatment of intra-group debts (claims against the debtor company by related group companies).

(b) Treatment of intra-group debts (claims against the debtor company by related group companies).

The debtor companies developed a protocol to establish basic administrative procedures between the proceedings in both jurisdictions.

(b) The treatment of intra-group debts (claims against the debtor company by related group companies); and

A proposal that received support was to make a clear distinction in discussing the various insolvency proceedings between liquidation, transfer of the business from the debtor company to another company (whether that occurred in liquidation or reorganization) and reorganization of the debtor company to preserve the business.

The claimant states that the judgments could not be enforced as the debtor-companies were no longer in existence and their business activities had ceased as a result of Iraq's invasion and occupation of Kuwait.

The objective of the protocol was the simultaneous administration of both liquidation proceedings from Hong Kong, which was the principal place of business of the debtor companies, although the protocol recognized the Bermuda proceeding as the “main proceeding”.

The debtor companies developed a protocol to facilitate the harmonization and coordination of activities in both jurisdictions, to provide transparency and ensure fairness to parties in interest in both States.