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We look at one of the first cases in the EU considering the provisions of the Recast Regulation on Insolvency 2015/848. The Supreme Court of Gibraltar considered the provisions regarding the centre of main interests (COMI) of a bankrupt individual.
Advalorem Value Asset Fund Ltd v Gregory King, Supreme Court of Gibraltar, 2016/COMP/039
In one of the biggest changes for cross-border restructuring and insolvency lawyers in the last 17 years, substantial reforms are made to the Regulation (EC) 1346/2000 on insolvency proceedings (the EC Regulation on Insolvency) under the Regulation (EU) 848/2015 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) (the Recast Regulation on Insolvency). This is one of the first cases to consider these new provisions.
Although this case from the Supreme Court of Gibraltar is not binding on English courts, they are likely to find it persuasive on interpreting the new provisions of the Recast Regulation on Insolvency as it will be some time before cases start reaching the level of the EU Court of Justice. Specifically, the Supreme Court of Gibraltar decided that:
Despite the Brexit vote, the Recast Regulation on Insolvency still currently applies to England and this is one of the first cases discussing the COMI of individuals. Specifically, although this debtor was resident in one country (here, Spain), he showed no sign of actually carrying out his business there. On the contrary his business, so far as the evidence showed, was exclusively in another country (here, Gibraltar), meaning his COMI was in Gibraltar.
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