The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
Following Brexit (11pm on 31 December 2020), despite the trade deal, the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146 kick in and amend both the Regulation (EU) 2015/848 (OJ L141/19), Recast Regulation on Insolvency [EU Recast Regulation on Insolvency] and various other legislation including the CBIR (see News Analysis: Brexit impact on Cross-Border Insolvency Regulations 2006 (CBIR 2006) and Practice Note: Brexit—impact on Recast Regulation on Insolvency).
UNCITRAL has produced a judicial perspective for judges, reviewing various cases across the globe which have considered the UNCITRAL Model Law and offering general guidance on the issues a judge may need to consider (the UNCITRAL Judicial Perspective, paras 1-4). It doesn't purport to instruct judges how to deal with applications under the UNCITRAL Model Law and it recognises that no single approach is possible or desirable—flexibility is important where the economic dynamics of a situation can change suddenly.
The UNCITRAL Judicial Perspective (paras 94-95) confirms that a deliberate decision was taken not to define COMI within the UNCITRAL Model Law itself and confirms that the concept of COMI was taken from the European Convention on Insolvency Proceedings (the Convention) (the forerunner to the EC Regulation on Insolvency, Regulation (EC) 1346/2000 (EC Regulation on Insolvency)) (itself the forerunner to the EU Recast Regulation on Insolvency) for reasons
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