When can secondary proceedings be commenced under the EIR?

Olympic Airlines, a company incorporated in Greece, was put into special liquidation in Greece on 2 October 2009. Olympic had carried on business in England from premises in London, Heathrow and Manchester. It employed about 27 people and operated a pension scheme.

The trustees of the scheme issued a winding-up petition against Olympic on 20 July 2010 in the English High Court, the proposed winding up being secondary proceedings within the meaning of the European Insolvency Regulation (EIR).

The purpose of the proposed winding up was to ensure that the Pension Protection Fund could take responsibility for the scheme’s deficit of more than £15m under section 127 of the Pensions Act 2004 (the liquidation in Greece not being sufficient for this purpose)…

If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.

Briefings from Taylor Wessing

View more briefings from Taylor Wessing

Analysis from The Lawyer

  • merger deal

    Corporate crunch time: who will triumph at The Lawyer Awards 2014?

    As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014. 

  • singapore orchid

    Singapore: Cash course

    The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world

View more analysis from The Lawyer

Overview

5 New Street Square
London
EC4A 3TW
UK
http://www.taylorwessing.com

Turnover (£m): 228.00
No. of lawyers: 860
Jurisdiction: UK
No. of offices: 4
No. of qualified lawyers: 67 (International 50)

Jobs