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Erschienen in:
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2017 | OriginalPaper | Buchkapitel

5. Concepts of Centre of Main Interest and Establishment

verfasst von : Neil Hannan, B.Ec, LLB (Monash) Ph.D (UWA)

Erschienen in: Cross-Border Insolvency

Verlag: Springer Singapore

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Abstract

This chapter introduces the reader to the perquisites for recognition under the Model law namely: (a) centre of main interest (COMI); and (b) establishment and examines what is required for a foreign proceeding to be to fall within one of these definitions.

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Vorheriges Kapitel How Does the Model Law Affect Existing Principles of Recognition?
Nächstes Kapitel Comparative Analysis of the Enactment and Interpretation of the Preamble and Chapter I of the Model Law on Cross-Border Insolvency—General Provisions
Fußnoten
1
United Nations Commission on International Trade Law, General Assembly, Legislative Guide on Insolvency Law, UN Publications Sales No E.05.V.10 (United Nations, 2005), 41 [13].
 
2
United Nations Commission on International Trade Law Guide to Enactment of The UNCITRAL Model Law on Cross-Border Insolvency UN Doc A/CN.9/442 [31, 72].
 
3
See Fletcher, see footnote 42, 458 [8.23].
 
4
Recital 13.
 
5
Re Eurofood IFSC Ltd [2006] Ch 508, 528 [107].
 
6
Ibid 530 [118].
 
7
Ibid 531 [122]; Re Northsea Base Investments Ltd [2015] EWHC 121 (Ch).
 
8
Re Interedil Srl [2012] Bus LR 1582, 1592 [51–53].
 
9
Recital 30.
 
10
Article 16(3).
 
11
See Ackers v Saad Investment Company Ltd (in liq) (2010) 190 FCR 285; Williams v Simpson [2011] 2 NZLR 380; Re Stanford International Bank Ltd [2011] Ch 33 in which the courts followed the European Court of Justices decision Re Eurofood IFSC Ltd, [2006] Ch. 508.
 
12
See Williams v Simpson [2011] 2 NZLR 380,395; Re Angiotech Pharmaceuticals Ltd (2011) 76 CBR (5th) 317 [7]; Re Massachusetts Elephant & Castle Group Inc (2011) 81 CBR (5th) 102 [30]; Re Sphinx Ltd, 351 BR 103, 117 (Bankr, SD NY, 2006.); Re Ran, 607 F. 3d 1017, 1022–1023 (5th Cir 2010).
 
13
Collins et al., see footnote 158, 1766 [31–108].
 
14
Judith May Wade, ‘Where is a corporation’s “centre of main interests” in international insolvency’ (2008) 16 Insolvency Law Journal 127, 144.
 
15
Ho, see footnote 75, 194–200.
 
16
Jay Westbrook, ‘Locating the Eye of the Financial Storm’ (2007) 32 Brooklyn Journal of International Law 1019, 1030–1.
 
17
Ibid 1032.
 
18
Ibid 1033–4.
 
19
Re Eurofood IFSC Ltd [2006] Ch 508; Re Interedil Srl [2012] Bus LR 1582.
 
20
Regulation EC No 848/2015 of the European Council on Insolvency Proceedings [2015] OJ L 141/19 recital 30.
 
21
United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its forty-third session (Vienna, 15–19 April 2013) UN Doc A/CN.9/766 (26 April 2013), 7 [36]; United Nations Commission on International Trade Law, Interpretation and application of selected concepts of the UNCITRAL Model Law on Cross-Border Insolvency relating to centre of main interests (COMI) 43rd session, UN Doc A/CN.9/WG.V/WP.112, (11 February 2013) 21.
 
22
Regulation EC No 848/2015 of the European Council on Insolvency Proceedings [2015] OJ L 141/19 recital 30.
 
23
United Nations Commission on International Trade Law, UNCITRAL Model Law on Cross Border Insolvency with Guide to Enactment of The UNCITRAL Model Law on Cross-Border Insolvency (United Nations, 2014) 71 [145–147].
 
24
United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its forty-third session (Vienna, 15–19 April 2013) UN Doc A/CN.9/766, 7 [39]; United Nations Commission on International Trade Law, Report of the United Nations Commission on International Trade Law 46th session (Vienna, 8–26 July 2013) UN Doc A/68/17; United Nations Commission on International Trade Law, Interpretation and application of selected concepts of the UNCITRAL Model Law on Cross-Border Insolvency relating to centre of main interests (COMI) forty third session, UN Doc A/CN.9/WG.V/WP.112 (11 February 2013) 21–2; Revision of the Guide to Enactment of the Model Law on Cross-Border Insolvency GS Res 68/107 UN GOAR 68th sess, UN Doc A/Res/68/107A (16 December 2013); United Nations Commission on International Trade Law, UNCITRAL Model Law on Cross Border Insolvency with Guide to Enactment of The UNCITRAL Model Law on Cross-Border Insolvency (United Nations, 2014).
 
25
See generally, Look Chan Ho, ‘The Revised UNCITRAL Model Law Enactment Guide—A Welcome Product?’ [2014] Journal of International Banking Law and Regulation 325.
 
26
United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its forty-third session (Vienna, 15–19 April 2013) UN Doc A/CN.9/766, 21 (26 April 2013) [123A]; United Nations Commission on International Trade Law, Interpretation and application of selected concepts of the UNCITRAL Model Law on Cross-Border Insolvency relating to centre of main interests (COMI) forty third session, UN Doc A/CN.9/WG.V/WP.112 (11 February 2013) 7 [36].
 
27
Cross-Border Insolvency Regulations 2006 SR 2006/1030 reg 2(2)(c).); see generally, Fibria Celulose S/A v Pan Ocean Co Ltd [2014] EWHC 2124 (Ch) (30 June 2014) [88].
 
28
Insolvency (Cross-border) Act 2006 s 5.
 
29
Janis Sarra ‘Oversight and Financing of Cross-Border Business Enterprise Group Insolvency Proceedings’ (2009) 44 Texas International Law Journal 547, 558.
 
30
Virgos & Schmidt, see footnote 26 [71].
 
31
Ibid.
 
32
Gainsford v Tannenbaum (2012) 293 ALR 699 [51].
 
33
Wild v Coin Co International PLC (Administrators Appointed) [2015] FCA 354 (16 April 2015) [66].
 
34
Williams v Simpson [2011] 2 NZLR 380 at 393 quoting paragraph [71] of the Virgos-Schmidt Report.
 
35
Re Office Metro Limited [2012] BCC 829, 839 [33].
 
36
The Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA [2013] 2 BCLC 171; [2013] EWCA Civ 643 (6 June 2013) [31].
 
37
Ibid [32].
 
38
Lord Collins et al., see footnote 158, 1634 [30–186].
 
39
US House of Representatives Committee on the Judiciary, United States Congress, Bankruptcy Abuse Prevention and Consumer Protection Act (8 April 2005), HR Report Pub L No 109–31.
 
40
Re British American Insurance Co Ltd, 425 BR 884, 915 (Bankr, SD Fla, 2010).
 
41
Re Ran, 607 F 3d 1017, 1028 (5th Cir, 2010).
 
42
Moore v Australian Equity Investors (2012) 30 ACLC 629, 633) [18]; Young v Buccaneer Energy Ltd [2014] FCA 711 (2 July 2014) [5]; Re British American Insurance Co Ltd 425 BR 884, 910 (Bankr, SD Fla, 2010).
 
43
Young v Buccaneer Energy Ltd [2014] FCA 711 (2 July 2014) [5].
 
44
Gainsford v Tannenbaum (2012) 293 ALR 699, 711 [44].
 
45
Williams v Simpson [2011] 2 NZLR 380, 396 [65]; Re Office Metro Limited [2012] BCC 829, 838 [27]; Re British American Isle of Venice (BVI) Ltd 441 BR 713, 720–21 (Bankr SD Fla, 2010); Re Ran, 607 F. 3d 1017,1025 (5th Cir 2010), Re Betcorp Ltd, 400 BR 266, 290–2 (Bankr, D Nev, 2009); The Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA [2013] 2 BCLC 171; [2013] EWCA Civ 643 (6 June 2013) [35].
 
46
Re Fairfield Sentry Ltd 714 F 3d 127 (2nd Cir 2013) 137.
 
47
Re British American Insurance Co Ltd, 425 BR 884, 910 (Bankr, SD Fla, 2010).
 
48
See Lavie v Ran 406 BR 277, 284-5 (Dist, SD Tex, 2009); Re British American Insurance Co Ltd 425 BR 884, 915–6 (Bankr, SD Fla, 2010).
 
49
Re Stanford International Bank Ltd [2011] Ch 33, 59 [30].
 
50
Re Millennium Global Emerging Credit Master Fund Ltd, 458 BR 63, 76 (Bankr, SD NY, 2011); Re Gerova Financial Group Ltd, 482 BR 86 (Bankr, SD NY, 2012); Re Kemsley 489 BR 346, 359–60 (Bankr, SD NY, 2013); Contra Re Fairfield Sentry Ltd, 714 F 3d 127 (2nd Cir 2013) 134–5.
 
51
United Nations Commission on International Trade Law, Guide to Enactment of The UNCITRAL Model Law on Cross-Border Insolvency, UN Doc A/CN.9/442 (19 December 1997) as approved by GA Res A/RES/52/158 (1997) (30 January 1998) and amended by GA Res A/RES/68/107 (2013) (16 December 2013) [141].
 
52
United Nations Commission on International Trade Law, Report of Working Group V (Insolvency Law) on the work of its forty-third session (Vienna, 15–19 April 2013) UN Doc A/CN.9/766 (26 April 2013) 7; United Nations Commission on International Trade Law, Report of the United Nations Commission on International Trade Law 46th session (Vienna, 8–26 July 2013) UN Doc A/68/17; United Nations Commission on International Trade Law, Interpretation and application of selected concepts of the UNCITRAL Model Law on Cross-Border Insolvency relating to centre of main interests (COMI) forty third session, UN Doc A/CN.9/WG.V/WP.112 (11 February 2013) 25; Revision of the Guide to Enactment of the Model Law on Cross-Border Insolvency GS Res 68/107 UN GOAR 68th sess, UN Doc A/Res/68/107A (16 December 2013).
 
53
See discussion in Sect. 5.2.
 
54
See Re Bear Stearns High Grade Structured Credit Strategies Master Fund Ltd, 374 BR 122 (Bankr, SD NY, 2007); Re Bear Stearns High-Grade Structured Credit, 389 B.R 325 (Dist SD NY, 2008).
 
55
John A.E Pottow, ‘The Myth (and Realities) of Forum Shopping in Transnational Insolvency’ (2006) 32 Brooklyn Journal of International Law 785, 797–802, 805–6; Hoffman v Bullmore (Re National Warranty Insurance Risk Retention Group) 306 BR 614 (BAP, 8th Cir, 2004) affirmed 384 F.3d 959 (8th Cir, 2004).
 
56
See Re Skase (1991) 32 FCR 212, 213; Re Skase, Ex parte Donnelly (1992) 37 FCR 509, 510; Shierson v Vlieland-Boddy [2005] 1 WLR 3966, [5–10].
 
57
Gainsford v Tannenbaum (2012) 293 ALR 699, 700–2.
 
58
Re Interedil Srl [2012] Bus LR 1582, 1592–3 [55]; Re Staubitz-Schreiber [2006] BCC 639.
 
59
Re Staubitz-Schreiber [2006] BCC 639, 644 [24].
 
60
Judith May Wade, ‘Where is a corporation’s “centre of main interests” in international insolvency’ (2008) 16 Insolvency Law Journal 127, 136.
 
Metadaten
Titel
Concepts of Centre of Main Interest and Establishment
verfasst von
Neil Hannan, B.Ec, LLB (Monash) Ph.D (UWA)
Copyright-Jahr
2017
Verlag
Springer Singapore
Buch
Cross-Border Insolvency

Print ISBN: 978-981-10-5875-2

Electronic ISBN: 978-981-10-5876-9

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-981-10-5876-9_5

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