In our increasingly global world, cross-border insolvencies have become relatively commonplace. Lehman Brothers and Nortel Networks are just two of the matters where parallel proceedings in multiple jurisdictions were necessary in order to effectively administer the debtors' estates. Neither the Regulation nor the Model Law seek to address or harmonise the substantive differences among insolvency regimes in different jurisdictions, but both are similar in that they are based on the premise that a debtor's "centre of main interest" (COMI) is the proper jurisdiction for its primary insolvency case or "main proceeding".
Click here to read the full article, COMI and get it: international approaches to cross-border insolvencies, first published in Corporate Rescue and Insolvency, Vol. 8, No. 6, December 2015.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
