The 'COMI' Concept in the Revision of the European Insolvency Regulation

Abstract

After ten years, the European Insolvency Regulation (EIR, Council Regulation n. 1346/2000) is going to be reformed. The Proposal of Reform (2012), as amended by the European Parliament (2014), approaches to the problem of the identification of the debtor's Centre of Main Interests (COMI), confirming the value of the registration office as the main formal indicator of the firm's seat. I will first introduce the issue, by explaining the contents of the Proposal. Second, I will examine the definition of COMI, according to the old version of the Regulation and to the forthcoming one. Finally, I will try to balance the fundamental freedom of establishment with the distortions caused by the insolvency tourism. My final purpose is to confirm the value of registration office as the most reliable indicator of the firm's seat, but strengthening the presumption of jurisdiction by the introduction of a stronger suspect period rule.