Recast Regulation on insolvency (Member State to Member State)—establishing the centre of main interests (COMI) for corporates

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

  • Recast Regulation on insolvency (Member State to Member State)—establishing the centre of main interests (COMI) for corporates
  • UK status
  • Recast Regulation on Insolvency
  • Guidance in the EU Recast Regulation on Insolvency on COMI
  • The EU Court of Justice’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
  • Representations on COMI in banking documents

Recast Regulation on insolvency (Member State to Member State)—establishing the centre of main interests (COMI) for corporates

UK status

As of exit day (31 January 2020) the UK is no longer an EU Member State. For a time, under the Withdrawal Agreement, the UK was in an implementation period, during which it continued to be subject to EU law. However from 1 January 2021, the main operative parts of the Regulation (EU) 2015/848 (OJ L141 5.6.2015 p 19), Recast Regulation on Insolvency [EU Recast Regulation on Insolvency] on automatic recognition are no longer applicable to the UK (see Practice Note: Brexit—impact on Recast Regulation on Insolvency). However, other Member States continue to apply the EU Recast Regulation on Insolvency where its requirements are satisfied.

Recast Regulation on Insolvency

Substantial reforms were made to the EC Regulation on Insolvency, Regulation (EC) 1346/2000 (EU Regulation on Insolvency) by the EU Recast Regulation on Insolvency. For the full text of the EU Recast Regulation on Insolvency, click here. For a destination table, see Practice Note: Recast Regulation on Insolvency (Member State to Member State)—destination table.

Although the EU Recast Regulation on Insolvency entered force on 26 June 2015, the majority of the provisions were only effective from 26 June 2017 onwards—this was to allow Member States to familiarise themselves with the new provisions. The EC Regulation on Insolvency continues to apply to

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