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