14/11/2013

14/11/2013

Company incorporated outside the EU wound up by High Court

In a recent case (Harley Medical Group (Ireland) Ltd), the high court ruled that it had the jurisdiction to wind up a company incorporated outside the EU, which had its principal place of business in Ireland. The company which provided cosmetic surgery services in Ireland exclusively, was incorporated in the British Virgin Islands, and was registered in the Companies Registration Office as an external company with a branch in Ireland.

The court noted that under Article 3(1) of the EU Insolvency Regulation, the courts of an EU member state have the jurisdiction to open insolvency proceedings in relation to a company incorporated outside the EU where the company’s Centre of main interests (COMI) is in that member state.

Quotation from judgment (courtesy of the Courts Service of Ireland):

“In this case, the Company and its officers are submitting to the jurisdiction of this Court. Its only place of business is in this jurisdiction. Its employees are employed in this jurisdiction. All of the claimants who have contingent claims against the Company, including the Opposing Creditors, reside in this jurisdiction. Such assets as the Company has are located in this jurisdiction.”

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