News & Analysis as of

COMI

Seeking refuge under Nordic EU-jurisdiction in insolvency cases?

by DLA Piper on

The Nordic countries have historically had a very uniform national legal framework with regards to insolvency related matters. The European Union, to which Norway is not a member and to which Denmark has opt-outs, complicates...more

Cross-Border Bankruptcy Update: COMI Migration and Illegitimate COMI Manipulation Distinguished

by Jones Day on

With the significant increase in cross-border bankruptcy and insolvency filings in the 43 nations or territories that have adopted the UNCITRAL Model Law on Cross-Border Insolvency (the "Model Law"), including the U.S., the...more

Restructuring and Insolvency Bulletin Issue 2 - 2017: An update on COMI shifting to take advantage of the best insolvency tools to...

by Dechert LLP on

The EU has taken aim at fraudulent or abusive forum shopping in the Recast Insolvency Regulation, acknowledging the potential for misuse by debtors seeking to take advantage of more flexible insolvency processes available in...more

Court permits strategic transfer of Center of Main Interests (COMI) in Chapter 15 Case

by Hogan Lovells on

The bankruptcy court in In re Ocean Rig UDW Inc., 17-10736 (Bankr. S.D.N.Y. Aug. 24, 2017) determined that a decision by an offshore drilling company from the Republic of the Marshall Islands (RMI) to shift its Center of...more

The power of the collective: EIR in focus

by DLA Piper on

Catherine Burton brings an update on the Recast European Insolvency Regulation. The recast Insolvency Regulation (Regulation (EU) No. 2015/848) (the recast regulation or EIR) was adopted by the European Parliament and...more

Recast Insolvency Regulation

by Reed Smith on

The Recast Insolvency Regulation (Regulation 2015/848) (“Recast Regulation”) will apply to all member states of the EU (with the exception of Denmark) in relation to insolvency proceedings opened on or after 26 June 2017. The...more

Cross-Border European Insolvency in the Brexit Era

by K&L Gates LLP on

The regime for dealing with insolvency proceedings within the European Union (EU) is about to become more coordinated. The timing is ironic given that the change will take place in the period leading up to the March 2019 exit...more

Financial Services Quarterly Report - Fourth Quarter 2016: European Commission Proposes to Harmonise Insolvency Laws across Member...

by Dechert LLP on

The European Commission (EC) announced proposals on 22 November 2016, which are intended to harmonise national insolvency laws across the EU through a proposed directive “on preventative restructuring frameworks, second...more

Recognition of foreign insolvency processes in Colombia

by Dentons on

On the 10th of June, during the second part of a hearing with a massive attendance the Superintendence of Corporations (the "Superintendence"), such authority recognized in Colombia the process of insolvency that Pacific...more

Greater Choice in Liability Management and Bond Restructurings

by Latham & Watkins LLP on

Liability management exercises (“LMEs”) are increasing in the bond and capital market and are often used in relatively benign situations. They are certainly not always a precursor to a full-scale restructuring or insolvency....more

COMI and get it: international approaches to cross-border insolvencies

by Reed Smith on

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...more

The Revised EC Regulation on Insolvency Proceedings Seeks to Resolve Practical Concerns

by DLA Piper on

The European Council Regulation No 1346/2000 on insolvency proceedings (the Regulation) was adopted in May 2000 and came into force on 31 May 2002 in order to establish a European framework for cross-border insolvency...more

Distressed Download - October 2015

Recent EU Insolvency Regulation - The EC Regulations on Insolvency Proceedings (the "EIR") came into force throughout the European Union (the "EU") (except Denmark) on May 31, 2002 with the purpose of setting out the...more

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