What does Centre of main interest mean?
Related Content. The jurisdiction with which a person or company is most closely associated for the purposes of cross-border insolvency proceedings.
What are comi proceedings?
‘COMI proceedings means insolvency proceedings in England and Wales to which the EU Regulation applies where the centre of the debtor’s main interests is in the UK’
What is COMI means?
centre of main interests
At the heart of the Regulation is the concept of a company’s “centre of main interests,” or COMI.
What are secondary insolvency proceedings?
A secondary proceeding is – in short – a separate insolvency proceeding that can be opened in a Member State after6 a main proceeding has already commenced in another Member State. Insolvency Regulation ten years after its entry into force.
What is a petition to wind up?
A winding up petition (WUP) is a legal action taken by a creditor or creditors against a company that owes them money (although others can also petition). This is an expensive option for creditors, and is considered to be a last resort, so it is only used when all other approaches to retrieve the debt have failed.
What does Naty mean?
Natty means current in style, both of dress and manners. A natty dresser is someone who is very stylish and has a snappy attitude. Someone who is natty is wearing fashionable clothes and is generally hip.
Can a creditor liquidate a company?
The most contentious instance is when a creditor or a shareholder of the company applies to the court for a liquidation order. The Master of the High Court then appoint a liquidator to liquidate the assets of the company and pay its liabilities.
What is meant by liquidators final statement of accounts?
Liquidator’s Final Statement of Account. The liquidator has to maintain a cash account for recording receipts and payments. The cash account is called the Liquidator’s Final Statement of Account. Receipts are recorded on the left-hand side and payments are recorded on the right-hand side of the account.
What does natty mean Natty?
Natty means current in style, both of dress and manners. A natty dresser is someone who is very stylish and has a snappy attitude. He may even be wearing a natty fedora. Natty is an adjective that comes from the 18th century. Originally it was a slang term, perhaps related to the adjective neat.
What is the difference between an officer and a commissioned officer?
Commissioned vs. A commissioned officer is a military officer who has achieved a rank before officially assuming their role. These officers’ Presidential commissions allow them to command both officers and enlisted personnel under them. All commissioned officers outrank non-commissioned officers (e.g., a sergeant).