We are delighted to present the CMS E-Guide to finding COMI which provides an overview of the interpretation by courts in 12 jurisdictions of the ‘centre of main interest’ (COMI).
The EC Insolvency Regulation (EIR) stipulates which national law is applicable if insolvency proceedings are opened in a relevant EU jurisdiction. The drafting of Article 3 para 1 of the EIR is such that, under certain circumstances, it allows for the possibility of choosing the national insolvency law that will apply by changing the COMI of a subject debtor. This is also referred to as forum shopping. Which national law is applicable can be critical in determining the opportunities to deploy a variety of corporate restructuring methodologies. The interpretations of Article 3 para 1 by national courts differ in the various CMS jurisdictions, in some cases significantly.
We believe that the Guide offers you a general overview. However, we would be delighted to expand on any issue raised by the Guide and to introduce you to an appropriate CMS lawyer in any jurisdiction of particular interest to you.
For more information, please contact Jan Willem Bouman.