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Cross-Border COMI

Jones Day

Delaware Bankruptcy Court: "Center of Main Interests" for Purposes of Chapter 15 Recognition Must Be Determined on...

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Determining a foreign debtor's "center of main interests" ("COMI") for purposes of recognizing a foreign bankruptcy proceeding in the United States under chapter 15 of the Bankruptcy Code can be problematic in cases...more

Hogan Lovells

Hong Kong court highlights COMI over place of incorporation when recognising foreign insolvency processes

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The Hong Kong court has confirmed that – going forward – the court is ready to recognize and assist a foreign insolvency process conducted in the company’s center of main interests (COMI) and that it will no longer be...more

A&O Shearman

The Virgin Active Restructuring: Cross-border Recognition

A&O Shearman on

“Virgin Active is a global gym and leisure business with operations in England, Italy, Spain, Australia, Singapore, Thailand and South Africa. The group was significantly impacted by the Covid-19 pandemic and…amassed an...more

Jones Day

New York Bankruptcy Court Rules that Good Faith Is Not the Gatekeeper to Chapter 15

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Despite the absence of any explicit directive in the Bankruptcy Code, it is well understood that a debtor must file a chapter 11 petition in good faith. The bankruptcy court can dismiss a bad faith filing "for cause," which...more

Latham & Watkins LLP

Hong Kong Court Recognises PRC Reorganisation for the First Time

Latham & Watkins LLP on

The decision raises new questions about whether cross-border insolvency recognition and assistance between mainland China and Hong Kong will be a two-way street. The Hong Kong court has for the first time recognised the...more

Jones Day

Foreign Debtor’s COMI Shift Dooms Bid for Chapter 15 Recognition

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In In re O’Reilly, 598 B.R. 784 (Bankr. W.D. Pa. 2019), the U.S. Bankruptcy Court for the Western District of Pennsylvania denied the petition of a foreign bankruptcy trustee for recognition under chapter 15 of the Bankruptcy...more

WilmerHale

At the Edge of the Universe: Are Chapter 15’s Principles of ‘Universalism’ Too Parochial for the Realities of Today’s Global...

WilmerHale on

Two recent bankruptcy court decisions - In re Serviços de Petróleo Constellation SA1 and In re Agrokor d.d.2 - demonstrate the increasing complexity of applying basic chapter 15 principles of “universalism” to global...more

Jones Day

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

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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

Hogan Lovells

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

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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

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