1E9Ct5D

3. Centre of main interests (COMI)The Regulation does not define COMI. An explanatory note 5 to the Regulation isonly somewhat helpful:The ‘centre of main interests’ should correspond to theplace where the debtor conducts the administration of hisinterests on a regular basis and is therefore ascertainableby third parties.The absence of an adequate definition of COMI in the Regulation has allowed Courtsin several EU countries to take inconsistent approaches to determing the COMI ofeach company that seeks relief under the insolvency laws of the particular country.a. Centre of main interests for individualsIn most cases, the COMI of an individual will be the country in which the individualprimarily conducts his or her trade or profession. If the individual does not trade orcarry on a profession, the country in which he or she primarily resides is consideredto be the COMI. If the individual resides in one country but does business inanother, the country in which the individual primarily conducts business is the COMI.Where a person’s only connection with a country is that he or she is employed thereby another person or company (that is, the individual is not self-employed), then theCOMI will generally be in the country in which the debtor lives. Presumably, this iswhere the individual operates a household and keeps assets.b. Centre of main interests for companiesThe place of a company’s registered office is presumed to be the COMI. Thispresumption may be rebutted by proof to the contrary. The Regulation contains littlefurther guidance to help identifiy the COMI of a company. Local Courts are thus free5 The Regulation calls the explanatory notes Recitals.5