Insolvency: Double jeopardy
The row over the jurisdiction of the Irish and Italian courts in the Eurofood case has highlighted a serious gap in European provisions governing cross-border insolvency proceedings. Hugh Lyons and Iain Tucker report
The European Insolvency Regulation, introduced in May 2002, was designed to assist in European cross-border insolvencies by creating a system of recognition and priority across the European member states. It was founded upon the concepts of ‘main proceedings’ and ‘secondary proceedings’ and introduced new concepts which have had to be interpreted by the courts. Perhaps the key example of these is determining where the centre of main interests (COMI) of a debtor lies under the regulation.
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