1E9Ct5D

to decide this important issue. The local Courts have not been consistent in theirapplication of the Regulation’s guidance on determining the COMl.The COMI is determined at the date the insolvency petition is filed. The Courtsshould not consider where the company has historically carried out its business. Thelocation of creditors and the country in which debts were incurred are not materialissues in determining a COMI.4. Officer in charge of insolvency proceedingsOnce an insolvency order is entered, a Court will often appoint one or more officersto administer the insolvent company’s assets and business. This person might becalled a receiver, a trustee, or something similar. In this paper, the officer is oftencalled the insolvency administrator.The insolvency administrator may be required to consider whether the COMI of theinsolvent company is in the Court’s jurisdiction. The insolvency administrator isempowered to seek further information needed to assess whether investigation ofthe COMI is warranted. If the insolvency administrator determines that proceedingsopened in one member country of the EU should have been opened in anothercountry, the insolvency administrator may seek a review of the insolvency order.Once the insolvency administrator is satisfied that insolvency proceedings have beenopened in the proper jurisdiction, the insolvency administrator must administer theestate in accordance with the laws of the country in which the proceedings arepending. The insolvency administrator is under a duty to notify known creditors thathave their registered offices in EU member countries of the procedures for filingclaims against the insolvency estate.6