Olympic Airlines Sa Pension and Life Assurance Scheme, The Trustees of The v Olympic Airlines Sa: SC 29 Apr 2015

The airline was incorporated in Greece but with an office in the UK. It became insolvent leaving a deficit in the UK employee pension scheme. The trustees of the fund sought a secondary insolvency within the UK, and now a reference to the European Court.
Held: The Court was now asked what connection must a foreign company have with the United Kingdom to entitle an English court to wind it up, if its centre of main interests is in another member state of the European Union. The answer depended on the meaning of two words, ‘economic activity’, in the Insolvency Regulation of 2000. The law had altered after the CA decision that the airline’s activities within the UK did not count.
Held: The appeal failed. The necessity for showing at least some subsisting business with third parties before the definition can be satisfied is acte clair, even if the exact nature of that business and the degree to which it must be visible to outsiders may be open to argument. Since in this case no external business at all was carried on from 11 Conduit Street, there is no point of principle calling for a reference.

Lord Neuberger, President, Lord Mance, Lord Sumption, Lord Reed, Lord Toulson
[2015] UKSC 27, [2015] WLR(D) 203, [2015] 2 All ER (Comm) 393, [2015] ILPr 42, [2015] 1 WLR 2399, [2015] BCC 404, [2015] 3 All ER 694, [2015] 1 BCLC 589, [2015] Pens LR 417, UKSC 2013/0158
Bailii, WLRD, Bailii Summary, SC, SC Summary
EU Regulation 1346/2000 3, Insolvency Act 1986 221
England and Wales
At First InstanceOlympic Airlines Sa Pension and Life Assurance Scheme v Olympic Airlines Sa ChD 29-May-2012
Olympic Airlines, incorporated in Greece, but with headquarters in London, went into liquidation. The pensions scheme had been run with a deficit. The trustees no sought the winding up of the company under British law.
Held: To be an . .
Appeal fromOlympic Airlines Sa Pension and Life Insurance Scheme v Olympic Airlines Sa CA 6-Jun-2013
The court considered the the jurisdiction under EU law to commence a secondary winding-up in England of a company whose main liquidation is taking place in Greece. That depended upon whether the company, registered in Greece had a sufficient . .
CitedShierson and Another v Tomlinson and Another CA 26-Mar-2002
A company had entered into a voluntary arrangement with its creditors, but subsequently went into liquidation. There was then a dispute as to the destination of sums held under the arrangement.
Held: Such arrangements created trusts. Whether . .
CitedTrillium (Nelson) Properties Ltd v Office Metro Ltd ChD 9-May-2012
Winding-up petition in which the principal issue is whether or not Office Metro Limited can be wound up in this jurisdiction in the light of the fact that, despite its being an English registered company, its centre of main interest is in . .
CitedInteredil Srl, in liquidation v Fallimento Interedil Srl, Intesa Gestione Crediti SpA ECJ 20-Oct-2011
ECJ Reference for a preliminary ruling – Whether a lower court has the power to refer a question to the Court for a preliminary ruling – Regulation (EC) No 1346/2000 – Insolvency proceedings – International . .

Lists of cited by and citing cases may be incomplete.

European, Insolvency

Updated: 29 December 2021; Ref: scu.546150