Voyager Digital Ltd. applied under Part IV of the CCAA for an Initial Recognition Order of its Chapter 11 proceedings in the United States.
The central issue was whether the US proceeding should be recognized as a 'foreign main proceeding' or a 'foreign non-main proceeding', which depended on determining the company's Centre of Main Interests (COMI).
Despite being incorporated in British Columbia and listed on the TSX, the court found that the company's COMI was in the US, where its operations, management, and principal assets were located.
The court recognized the US proceeding as a foreign main proceeding and granted the requested stay.
