Post IP completion day: COMI for corporates

The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:

  • Post IP completion day: COMI for corporates
  • Status of the UK
  • COMI proceedings
  • Definition of COMI under Retained Recast Regulation on Insolvency, Art 3
  • Relevance of caselaw from the Court of Justice of the European Union
  • Effect of establishing COMI under the Retained Recast Regulation on Insolvency
  • Saving provisions

Post IP completion day: COMI for corporates

Status of the UK

As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK entered an implementation period, during which it continued to be subject to EU law for a period. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analyses: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources.

We look at some of the likely issues for R&I lawyers and professionals relating to the (i) Regulation (EU) 2015/848 (OJ L141 5.6.2015 p 19), Recast Regulation on Insolvency (EU Recast Regulation on Insolvency) and (ii) Retained Regulation (EU) 2015/848, (Retained Recast Regulation on Insolvency) and the definition of centre of main interests (COMI) for corporates.

This Practice Note is part of a suite of documents considering the impact of Brexit including:

  1. Brexit—impact on Recast Regulation on Insolvency

  2. Brexit—impact on winding up

  3. Brexit—impact on company voluntary arrangements

  4. Brexit—impact on administration

  5. Brexit—impact on moratorium

  6. Brexit—impact on schemes of arrangement

  7. Brexit—impact on restructuring plans

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