Type: Judgment

Authority: European Authorities: Euopean Union' Court of Justice

Date: 10/20/2011

Subject: The Court stated that European Union law precludes a national court from being bound by a national procedural rule under which that court is bound by the rulings of a higher national court, where it is apparent that the rulings of the higher court are at variance with European Union law, as interpreted by the Court of Justice. A debtor company’s main centre of interests must be determined by attaching greater importance to the place of the debtor company’s central administration, as may be established by objective factors which are ascertainable by third parties. The term ‘establishment’ within the meaning of Regulation No 1346/2000 on insolvency proceedings must be interpreted as requiring the presence of a structure consisting of a minimum level of organisation and a degree of stability necessary for the purpose of pursuing an economic activity. The presence alone of goods in isolation or bank accounts does not, in principle, meet that definition.

Parties: Interedil Srl

Classification: General theme

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