• In re Fairfield Sentry Ltd.: Second Circuit Court of Appeals Provides Guidance to “COMI” Determinations in Chapter 15 Cases
  • April 23, 2013
  • Law Firm: Mayer Brown LLP - Chicago Office
  • On April 16, 2013, in Morning Mist Holdings Ltd. v. Krys (In re Fairfield Sentry Ltd.), the US Court of Appeals for the Second Circuit issued an important decision informing fundamental concepts of cross-border insolvency law as implemented pursuant to Chapter 15 of the Bankruptcy Code. In an issue of first impression for the court, the Second Circuit provided guidance on the determination of a foreign debtor’s “center of main interests” (COMI) for purposes of determining whether to grant recognition of a foreign insolvency proceeding as a “foreign main proceeding” in an ancillary case under Chapter 15.