BusinessBusiness RecoveryParmalat insolvency dispute heads for ECJ

Parmalat insolvency dispute heads for ECJ

A tug-of-war between Irish and Italian insolvency practitioners over a Parmalat subsidiary has been referred to the European Court of Justice.

Link: Parmalat special report

The dispute focuses on competing claims for jurisdiction in the insolvency of Eurofood, the Italian dairy group?s Irish unit, but could have repercussions far beyond the emerald isle.

Parmalat’s administrator, Enrico Bondi, and the Irish provisional liquidator Pearse Farrell, are disputing each other’s appointments. The argument turns on the location of Eurofood’s ‘centre of main interest’ – a prerequisite to the establishment of primary insolvency proceedings.

Ex-Parmalat auditors face possible court date

Italian and Irish courts first backed the claims of their own nationals, prompting the Irish Supreme Court to pass the matter to Luxembourg to break the deadlock. The case could now become a landmark in the evolution of the EU’s cross-border insolvency regulations.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

4d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

4d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor