Court orders winding-up of Irish Parmalat subsidiary

AN order for the winding-up of a “hopelessly insolvent” Irish company which is a wholly-owned subsidiary of beleaguered Italian food group Parmalat SPA was made by the High Court yesterday.

Much of the case centred on whether the insolvency proceedings should be conducted in this jurisdiction or in Italy.

Mr Justice Peter Kelly, in a reserved judgment, said he was satisfied the presentation here of a petition for the winding-up of Eurofood IFSC Ltd and the appointment of a provisional liquidator to it on January 27 last brought about the opening of main insolvency proceedings and that the “centre of main interests” of the company was and is within this State.