The Importance Of Morning Mist

Law360, New York (May 24, 2013, 4:06 PM ET) -- A debtor in a foreign insolvency proceeding may petition a United States bankruptcy court for recognition of the foreign proceeding under Chapter 15 of the Bankruptcy Code, which provides certain relief similar to that provided to debtors in bankruptcy cases pending in the United States and its territories. When a foreign debtor seeks such recognition of its bankruptcy proceeding, a U.S. court must determine the location of the foreign debtor’s “center of main interests” (COMI).

If the debtor’s COMI is located in the same jurisdiction where...
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