7. Center Of Main Interests (COMI)

The Center of Main Interests (COMI) is a key concept in international insolvency law that helps determine which country’s legal system should manage a company’s bankruptcy when it operates in multiple countries. Generally, COMI is where the company has its main operations, decision-making, and essential contacts. Identifying the COMI ensures that the insolvency proceedings are handled by the appropriate legal framework, promoting efficiency and coordination among different jurisdictions involved. This concept is crucial for protecting creditors and ensuring fair treatment during the liquidation or reorganization of assets in cross-border situations.