An application for the appointment of a liquidator to an Irish company - a subsidiary of one of Italy's biggest companies, which is in "extraordinary administration" - was adjourned to next month by the High Court yesterday.
Last month, a provisional liquidator was appointed by the High Court to Eurofood IFSC Ltd, on the application of Bank of America NA, which is incorporated in the US and claims to be a creditor of the company for some $3 million (€2.4 million).
Eurofood is being inquired into by Mr Paul Appleby, the director of corporate enforcement, the court heard.
The provisional liquidator, Mr Pearse Farrell, accountant, of Farrell Grant Sparks, remains in place pending the adjournment to March 2nd.
Eurofood, incorporated in November 1997, is a wholly owned subsidiary of Parmalat SPA, a major global food company incorporated in Italy, which is a subsidiary of Parmalat Finanziaria SPA.
The Parmalat group of companies is believed to be heavily insolvent.
When the application for the appointment of a provisional liquidator was before the High Court on January 27th last, Mr Wayne Robert Porritt, of Bank of America NA, in an affidavit, said Parmalat SPA had, on grounds of insolvency, applied on December 23rd to the Italian minister of productive activities to be, and was, placed in extraordinary administration.
On December 27th, the civil and criminal court of Parma, Italy, made a declaration that Parmalat SPA was insolvent. On December 30th, Parmalat Finanziaria SPA applied to the Italian minister of productive activities to be, and was, placed in extraordinary administration.
Mr Enrico Bondi was appointed extraordinary commissioner in respect of the companies.
Mr Porritt said that as Eurofood was incorporated in this jurisdiction and had been administered in this jurisdiction throughout its existence, it would seem more appropriate for the winding up of the company to take place here.
He understood that the Office of the Director of Corporate Enforcement had begun an inquiry into Eurofood's affairs.
Yesterday, Ms Justice Carroll was told that a further order regarding the company had been made in Parma last Friday.
Counsel for Mr Bondi said his task was to try to restructure the company, which was more akin to the examinership process here than a winding-up.
