International Insolvency

COMI and International Insolvency Proceedings

With Regulation 2015/848[1] (the “Insolvency Proceedings Regulation”), the European Union (EU) has enacted a set of rules designed to establish jurisdiction in insolvency proceedings. As in the case of several recently enacted EU directives and regulations, the cornerstone of the Insolvency Proceedings Regulation and criteria to establish jurisdiction is the debtor’s “center of main interests” (COMI).

Invaluable Cayman Islands Law Insights on Valuation Issues

The Cayman Islands continues to be a leading jurisdiction for high-value cross-border insolvency and restructuring disputes, with the Grand Court (and appellate courts) frequently called upon to address complex and novel valuation issues. Two recent decisions — In the Matter of Madera Technology Fund (CI) Ltd (Grand Court, 31 July 2024) and Changyou.com Ltd v Fourworld Global Opportunities Fund and others (Privy Council, 11 March 2025) — have added to the growing body of Cayman Islands case law on these issues.

Co-Chairs’ Corner

We're delighted to be catching you up on all the buzz from our ABI International Committee. From membership growth and event-planning to content creation and strategic engagement, we’ve been busy!

Here’s a roundup of what we’ve been up to:

Second Circuit Extends the Section 546(e) Safe Harbor to Cover Foreign Law

Second Circuit dismisses the last of 300 lawsuits by foreign liquidators to recover $6 billion for defrauded Madoff investors.

Court :

2nd Circuit

Forum Non Conveniens Applied When Chapter 15 Would Have Been a Better Fit

The Fourth Circuit’s nonprecedential opinion means that chapter 15 doesn’t have the exclusive remedy for enjoining U.S. litigation in cross-border bankruptcies.

Court :

4th Circuit