Clarifying COMI: locating a debtor's centre of main interests

On July 6, 2012, in Lightsquared LP (Re),1 the Ontario Superior Court of Justice (the "Ontario Court"), released reasons that clarify the criteria for the identification of the centre of main interest ("COMI") of an applicant seeking recognition of foreign insolvency proceedings as "Foreign Main Proceedings" pursuant to Section 46 of the Companies' Creditors Arrangement Act ("CCAA").2

Filed under:
Canada, Ontario, Insolvency & Restructuring, Litigation, McMillan LLP, UNCITRAL, United States bankruptcy court
Authors:
Adam C. Maerov , Andrei Pascu
Location:
Canada
Firm:
McMillan LLP