Main Proceeding (Foreign Insolvency)

Main Proceeding (Foreign Insolvency) - A main proceeding in foreign insolvency is the primary insolvency case initiated in the debtor's center of main interests (COMI), typically where the debtor's principal place of business is located. This proceeding takes precedence over other insolvency proceedings and serves as the primary forum for administering the debtor's assets and restructuring efforts.

Class Information

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Identification

IRI: https://folio.openlegalstandard.org/RhODoZEsVZp3nkeCKtJhmL
Label (rdfs): Main Proceeding (Foreign Insolvency)
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Definition and Examples

Definition: A main proceeding in foreign insolvency is the primary insolvency case initiated in the debtor's center of main interests (COMI), typically where the debtor's principal place of business is located. This proceeding takes precedence over other insolvency proceedings and serves as the primary forum for administering the debtor's assets and restructuring efforts.
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Class Relationships

Sub Class Of: Recognition of Foreign Restructuring Objectives
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Additional Information

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Deprecated: False

Metadata

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