The Puzzle of the New European COMI Rules: Rethinking COMI in the Age of Multinational, Digital and Glocal Enterprises

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Abstract

This paper deals with the new rules on the debtor’s ‘centre of main interests’ (COMI) laid down by EU Regulation 2015/848 (Recast). This paper argues: first, that the new COMI rules contain logical and teleological flaws; secondly, that the prerequisite that the COMI ‘shall be the place […] which is ascertainable by third parties’ is a duplicate of the prerequisite ‘on a regular basis’; thirdly, that the ‘ascertainability’ prerequisite could even prove to be problematic when insolvency occurs within an enterprise that is multinational in nature; and/or conducts its relationships with suppliers and customers through digital networks; and/or deals with a business having glocal considerations. Consequently, this paper puts forward a proposal for a better regulation that would aim both at fixing the regulatory flaws and at addressing more efficiently insolvencies within multinational, digital and glocal enterprises.
Lingua originaleEnglish
pagine (da-a)-
Numero di pagine22
RivistaEuropean Business Organization Law Review
Stato di pubblicazionePublished - 2019

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abstract = "This paper deals with the new rules on the debtor’s ‘centre of main interests’ (COMI) laid down by EU Regulation 2015/848 (Recast). This paper argues: first, that the new COMI rules contain logical and teleological flaws; secondly, that the prerequisite that the COMI ‘shall be the place […] which is ascertainable by third parties’ is a duplicate of the prerequisite ‘on a regular basis’; thirdly, that the ‘ascertainability’ prerequisite could even prove to be problematic when insolvency occurs within an enterprise that is multinational in nature; and/or conducts its relationships with suppliers and customers through digital networks; and/or deals with a business having glocal considerations. Consequently, this paper puts forward a proposal for a better regulation that would aim both at fixing the regulatory flaws and at addressing more efficiently insolvencies within multinational, digital and glocal enterprises.",
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AB - This paper deals with the new rules on the debtor’s ‘centre of main interests’ (COMI) laid down by EU Regulation 2015/848 (Recast). This paper argues: first, that the new COMI rules contain logical and teleological flaws; secondly, that the prerequisite that the COMI ‘shall be the place […] which is ascertainable by third parties’ is a duplicate of the prerequisite ‘on a regular basis’; thirdly, that the ‘ascertainability’ prerequisite could even prove to be problematic when insolvency occurs within an enterprise that is multinational in nature; and/or conducts its relationships with suppliers and customers through digital networks; and/or deals with a business having glocal considerations. Consequently, this paper puts forward a proposal for a better regulation that would aim both at fixing the regulatory flaws and at addressing more efficiently insolvencies within multinational, digital and glocal enterprises.

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