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COMI proceedings

‘COMI proceedings’ are a new concept introduced into the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 by Brexit SI 2019/146 (see IR 2016, SI 2016/1024, r 1.2(2)). This new term does not appear in: (i) the EU Recast Regulation on Insolvency nor (ii) the Retained Recast Regulation on Insolvency but broadly seems to be a replacement for the term ‘main proceedings’ in the EU Recast Regulation on Insolvency.

Brexit SI 2019/146 introduces this new term into IR 2016, SI 2016/1024 with the definition:

1. •

   ‘COMI proceedings means insolvency proceedings in England and Wales to which the EU Regulation applies where the centre of the debtor’s main interests is in the UK’

‘COMI’ as defined in IR 2016, SI 2016/1024, r 1.2 is unaffected by the changes under Brexit SI 2019/146 and is defined as follows:

1. •

   ‘centre of main interests [ie COMI] has