Issue link: https://mbozikis.ufcontent.com/i/1422521
227 The act of filing a petition for recognition, even prior to approval thereof, provides a bankruptcy court with the ability to grant certain relief, including: (i) prohibiting execution against the debtor's assets; (ii) authorizing the foreign representative or other entity to administer or realize upon the debtor's U.S. assets in order to avoid the diminution in value thereof; (iii) prohibiting the transfer, hypothecation or disposal of the debtor's assets; and (iv) granting most other relief available to a trustee. 11 U.S.C. § 1519. Of particular note, however, the court cannot authorize the foreign representative to exercise the avoiding powers provided under the Bankruptcy Code. Id. Further, the provisional relief under Section 1519 can only be granted if it is urgently needed to protect the debtor's assets or the interests of the creditors. Id. The filing of a petition for recognition, however, does not subject the foreign representative to the jurisdiction of any other U.S. court for any other purpose. 11 U.S.C. § 1510. 127 In order for a foreign proceeding to be recognized, (i) the foreign proceeding must qualify as such, (ii) the foreign representative must be a person or a body, and (iii) the petition for recognition must meet the requirements of Section 1515. 11 U.S.C. § 1517(a). As noted above, recognition under Section 1517 is subject to the public policy exception of Section 1506. 1. Foreign Main Proceeding: Center of Main Interests (COMI) Although used in the definition of foreign main proceeding, the term "center of main interests" (or "COMI") is itself not defined in the Bankruptcy Code. Instead, there is a presumption in the Bankruptcy Code that, in the absence of evidence to the contrary, a debtor's COMI is its registered office or, in the case of an individual, his or her habitual residence. 11 U.S.C. § 1516(c). Notwithstanding this presumption, however, at least some U.S. bankruptcy courts have required the foreign representative seeking 127 As discussed below, once the petition is granted, the foreign representative has the capacity to sue or be sued in a U.S. court.