October 01, 2009

Associate Mark A. Lightner examines the “temporal framework for determining a foreign debtor’s center of main interests (“COMI”) under sections 1502 and 1517 of the United States Bankruptcy Code.” Mr. Lightner argues that “temporal framework is particularly relevant in cases where the debtor moves the COMI on the eve of chapter 15 commencement, or in cases where its COMI is moved for it by the prior appointment of a locally based administrator or liquidator with control over the debtor.” Mr. Lightner explores the statutory framework for recognition of foreign proceedings under chapter 15, anticipates two arguments for looking beyond the text, and explains why bankruptcy courts should construe COMI in the present.