Chapter 15, the UNCITRAL Model Law, COMI and non-main proceedings

Posted on December 28, 2006 by Chris Laughton

In a review of the first year of enactment of Chapter 15 of the US Bankruptcy Code (which is based on the UNCITRAL Model Law on Cross-Border Insolvency) Mark Douglas of Jones Day considers the concepts of main and non-main proceedings and of COMI (centre of main interests) by reference to In re SPhinX Ltd and In re Tri-Continental Exchange Ltd under the title:

Chapter 15 Turns One: Ironing Out the Details.

I side with the view that the new legislation affords the courts the flexibility to protect stakeholders' interests and prevent forum shopping abuse.

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