Topic: Centre of main interests

COMI: Court of Appeal finds governing law of contracts does not displace place of registration presumption

An oil trader has failed to persuade an English court that a Maltese-registered oil company’s hard-to-determine centre of main interests is in England – the country whose law governed the pair’s contracts – in the latest UK decision to interpret the European Insolvency Regulation.

31 October 2022

Isle of Man liquidator loses Chapter 15 bid after “letter box” address finding

What was believed to be the first application for Chapter 15 recognition of an Isle of Man voluntary liquidation has ended in rejection, after an Oklahoma court said it had not seen enough evidence of the petitioner’s links to the Isle of Man to recognise the case either as a foreign main or non-main proceeding.

26 October 2022

Endo secures recognition in Canada after patent set-back in US appeal court

Two Canadian affiliates of Irish-registered pharmaceutical group Endo have obtained recognition of the group’s New York bankruptcy proceedings in Toronto as it lost an appeal in the US to block a generic version of its best-selling drug.

30 August 2022

Singapore court offers guidance on “sufficient connection” as Zipmex moratoria granted

Hoping to assist practitioners as the crypto winter ushers in a new period of activity for the restructuring industry, the High Court of Singapore has published brief grounds for its decision to extend moratoria for foreign companies within the Zipmex group.

17 August 2022

Maltese Evan Group lays foundations for cross-border StaRUG case

Malta-registered real estate company Evan Group has petitioned a Düsseldorf court to open a German StaRUG restructuring process, ahead of a €125 million bond repayment that looms at the end of the month.

07 July 2022

Weil advising as Scandi flag carrier lands in New York bankruptcy court

Scandinavian flag carrier SAS has jetted to New York to seek Chapter 11 relief after strike action grounded half its fleet.

05 July 2022

Common law recognition not available for solvent liquidations, Hong Kong court confirms

Mr Justice Harris has granted a trio of Cayman court-appointed provisional liquidators the power to act as agents of a solvent, offshore-incorporated mutual fund in Hong Kong, while clarifying that his recent comments on common law recognition being assessed on COMI grounds are not relevant to solvent liquidations.

04 July 2022

Galapagos wound up in England

Updated: Senior creditors of the Galapagos group have obtained a winding up order against one of its entities in England, following a jurisdictional battle between English, German and Luxembourgish courts that was complicated by Brexit and a European Court of Justice case.

30 June 2022

Eagle Hospitality's Ch11 denied recognition in Singapore

A Singapore court has declined to recognise a real estate investment trust’s Chapter 11 restructuring under the local implementation of the UNCITRAL Model Law, finding the law only applies to corporate entities and does not extend to a collective investment scheme.

24 June 2022

Hong Kong court declares adoption of COMI criteria for assessing recognition requests

Hong Kong’s Mr Justice Harris has made a case for the adoption of centre of main interest (COMI) criteria over place of incorporation when considering the recognition of foreign officeholders, in a 45-page decision that practitioners say aligns Hong Kong’s common law recognition regime with international standards.

23 June 2022

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