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May 5, 2006

EU: EJC ruling may deliver control of Parmalat subsidy to Italian courts

The European Court of Justice (ECJ) may have helped Italian courts control any insolvency proceedings of a Parmalat subsidiary in Ireland, Eurofood.

The European Court of Justice (ECJ) may have helped Italian courts control any insolvency proceedings of a Parmalat subsidiary in Ireland, Eurofood.

Control of winding-up this financing company for the Parmalat group has been claimed by both Italian and Irish courts and the ECJ was asked about how European law affects the choice of jurisdiction over such matters. The court has ruled “the right of creditors or their representatives to participate” in insolvency proceedings “is of particular importance”.

Given that most of Parmalat’s creditors were in Italy, this country’s courts could control any Eurofood insolvency proceedings, even though the company was based in Dublin.

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