THE CONCEPT OF CENTRE OF MAIN INTEREST (COMI) AND ABUNDANT ISSUES SURROUNDING ITS IMPLEMENTATION

The EU Insolvency Regulation is deemed as the first international insolvency regime, establishing directive which leads the initiation of common framework for the insolvency proceedings in the European Union. Rather than harmonising the substantial insolvency law of the Member States, the Regulation confines itself to unifying the national rules on jurisdiction and conflict of law for insolvency matters. The regulation provides a new concept called Centre of Main Interest (COMI) which is used as the basis for initiating main insolvency proceeding.