(1) If BAICO intends to propose an Arrangement under Arrangement Legislation in its Home Territory or in any Other EC Territory, the Judicial Manager shall, within seven days of receipt of a copy of the draft Directions Order from the Other Officer in the relevant territory, seek a review of the draft Directions Order by filing it with the Court.
(2) The Court shall review the draft Directions Order and may make such additions or deletions to ensure that adequate notice will be provided to BAICO's creditors in Saint Lucia.
(3) If the Court does not make an order under subsection (2) within twenty-eight days of the draft Directions Order being filed, BAICO may proceed to file a draft Directions Order with any EC Court or the Home Court, which may order the Meeting without reference to any subsequent order of the Court.
(4) After a Meeting has taken place at which the Arrangement has been approved, and the court that ordered the Meeting makes a Sanction Order, the Judicial Manager shall submit it to the Court for the purpose of seeking a Recognition Order.
(5) The Court shall review the Sanction Order and, within twenty-eight days from filing, shall give effect to that order in Saint Lucia by making a Recognition Order.
(6) The Arrangement shall become binding on all creditors of BAICO wherever located, and on BAICO, when —
(a) if the Sanction Order was made by the Home Court, the Sanction Order is delivered to the Registrar of Companies in the Home Territory for registration; and
(b) if the Sanction Order was made by an EC Court —
(i) the Sanction Order is delivered to the Registrar of Companies or its equivalent in that EC Territory for registration,
(ii) the Home Court has made a Recognition Order in respect of the Arrangement under the provisions of its Arrangement Legislation, and
(iii) a copy of —
(A) the Sanction Order; and
(B) the Recognition Order made by the Home Court, have been delivered to the Registrar of Companies in the Home Territory for registration.