Recast Regulation—establishing the centre of main interests (COMI) for corporates
Recast Regulation—establishing the centre of main interests (COMI) for corporates

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

  • Recast Regulation—establishing the centre of main interests (COMI) for corporates
  • Brexit impact
  • Recast Regulation on Insolvency
  • Guidance in the Recast Regulation on Insolvency on COMI
  • The EU Court of Justice's guidance on COMI
  • English court’s guidance on COMI
  • The Virgos-Schmit report's guidance on COMI
  • INSOL Europe: European Insolvency Regulation Case Register—guidance from other countries
  • COMI of group companies
  • Relevant time for assessing COMI
  • more

Brexit impact

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 has entered an implementation period, during which it continues to be subject to EU law. 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 Analysis: 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. For further details, see Practice Note: Brexit—impact on Recast Regulation on Insolvency.

We will continue to monitor developments in this respect and throughout the negotiation period and beyond. In the meantime, for further reading on the impact of Brexit and related issues facing lawyers in this area, see Practice Note: Brexit—worst case scenarios for R&I lawyers.

For updates and details of other Brexit related developments and legislation, see Practice Note: Brexit SI tracker for R&I practitioners. For access to related documents and further reading on Brexit, see: Brexit toolkit.

Recast Regulation on Insolvency

Substantial reforms were made to the EC Regulation on Insolvency, Regulation (EC)