Akerman International Insolvency Chair and Bankruptcy and Reorganization Practice Group Partner Adam Swick and Bankruptcy and Reorganization Associate Laura Taveras, contributed to the ABI Journal with "Presumption, Proof and Corporate Reality: Recent Developments in COMI for Enterprise Groups."
In the article, Adam and Laura trace nearly 20 years of case law on how U.S. courts determine a debtor's center of main interests (COMI) under Chapter 15, with focus on a recent decision recognizing a Canadian insolvency proceeding as the foreign main proceeding for a U.S. subsidiary despite its American employees, assets, and registered office in Delaware.
Adam and Laura emphasize that while courts have developed flexible frameworks to support cross-border reorganizations of integrated enterprise groups, inconsistent COMI determinations remain a significant risk that can derail international insolvency proceedings.