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)…
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