Article 10 Scope of Third Party Rights
For the purposes of this Order and without prejudice to the existence of third party rights in other circumstances, but subject as provided in paragraph (2)—
a person claiming to be a creditor of a company which is an Iraqi person shall be deemed to have established a right as a third party to funds or to petroleum products to which that Iraqi person is entitled—
by virtue of having proved a debt after the company has passed a resolution for voluntary winding-up; or
by virtue of having proved a debt after a winding-up order has been made in respect of the company; or
where a provisional liquidator has been appointed in respect of the company, by virtue of being a person who would have been eligible to prove a debt had the company passed a resolution for voluntary winding-up as described in sub-paragraph (a)(i) or had a winding-up order made against it as described in sub-paragraph (a)(ii) on the date when the provisional liquidator was appointed; or
a person claiming to be a creditor of a partnership which is an Iraqi person and is the subject of a winding-up order against it shall be deemed to have established a right as a third party to funds or to petroleum or petroleum products to which that Iraqi person is entitled by virtue of having proved a debt after the order was made; or
a person claiming to be a creditor of an Iraqi person shall be deemed to have established a right as a third party to funds or to petroleum or petroleum products to which that Iraqi person is entitled by virtue of having proved a debt after a bankruptcy order has been made in respect of that person.
Where the Governor has reason to believe or to suspect that, notwithstanding the application of one of the conditions described in paragraph (1), a person claiming to be the creditor of an Iraqi person does not or may not have rights as a third party to funds or to petroleum or to petroleum products to which that Iraqi person is entitled he shall examine all the relevant facts before reaching a conclusion on the existence of third party rights in the circumstances.
A person shall not be treated as having rights as a third party to funds or to petroleum or petroleum products unless—
his rights are contingent on an Iraqi person’s entitlement to the funds, or as the case may be, to the petroleum products; and
he is not an Iraqi person.