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• W334688093 abstract "One of the avowed purposes of Council Regulation (EC) No 1436/2000 (the 'Regulation') is the avoidance of incentives to forum shop.1 Forum shopping is described in recital (4)2 as transferring assets or judicial proceedings from one Member State to another 'seeking to obtain a more favourable legal position'. It is not expressly confined to cases where the more favourable legal position is one that benefits the debtor to the detriment of creditors; indeed, it draws no distinction at all such as might suggest that certain kinds of forum shopping may be legitimate while others may not. Read by itself, recital (4) may be taken to suggest that forum shopping of all kinds, and for whatever purpose, is to be discouraged. Read with recital (5),3 it appears that forum shopping is considered such a serious problem that action at Community level is justified because this objective apparently cannot be achieved to a sufficient degree at national level.Yet, as other commentators have noted before, the Regulation itself contains no further guidance on forum shopping. It does not identify the mischief of forum shopping. Whatever the mischief may be, the Regulation contains no express provision or guidance as to the manner by which its avoidance is to be achieved, at any level.What is more, it may be said that by imposing the debtor's centre of main interests (COMI) as the determining jurisdictional factor for the opening of main proceedings, the provisions of the Regulation itself serve to encourage, or at least not to discourage, forum shopping. As discussed further below, the debtor's COMI is the place where he 'conducts the administration of his affairs on a regular basis and is therefore ascertainable by third parties'. It is the location of the debtor's COMI that will determine the Member State in which main insolvency proceedings relating to that debtor may be opened; and it will be the insolvency laws of that Member State that will then largely govern those proceedings and the issues arising in them, by virtue of Article 4.4 However, the location of the debtor's COMI, whether the debtor is a legal person or an individual, may change. There is, after all, freedom of establishment and freedom of movement within the EU. The effect of the migration, if it is successful, therefore, will be that main insolvency proceedings once opened in relation to that debtor, will largely be governed by the insolvency laws of the new host Member State instead (again by virtue of Article 4), and they may differ markedly from those of the original host Member State. They may be more debtor-friendly, or they be more creditor-friendly; more attractive from one point of view, perhaps less so from others, including from the perspective of employees. The point is that they may differ with just the result which recital (4) suggests should be avoided. The achievement of that result is likely to be intentional: accidental migrations are likely to be exceptional. The debtor's reasons for moving may be good, or they may not. To the extent that they may be bad, it follows that the ability to migrate COMI may give rise to abuse.It does not necessarily follow, of course, that the choice of COMI itself as the jurisdictional determinant is flawed. On the contrary, it serves to emphasise the need for a genuine connection with the jurisdiction where insolvency proceedings are to be opened, as distinct from the mere formalities that may be associated with registration.5What the absence of further guidance in the Regulation itself does mean, however, is that the burden of first identifying and then addressing forum shopping has fallen on the courts, both at CJEU level and, notwithstanding the aspiration apparent from recital (5), at national level. The task of identifying and addressing forum shopping prompts a number of questions. Forum shopping in the context of the Regulation implies a shift in COMI. In order to determine whether COMI has moved, it is necessary to know what the incidents of COMI are, for only then will it be possible to determine whether, having been in one Member State, it has subsequently migrated to another. …" @default.
• W334688093 created "2016-06-24" @default.
• W334688093 creator A5083921353 @default.
• W334688093 date "2013-09-01" @default.
• W334688093 modified "2023-09-24" @default.
• W334688093 title "Truth or Illusion? COMI Migration and Forum Shopping under the EUI Insolvency Regulation" @default.
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