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(European Court of Justice, 17 November 2011)
The European Court of Justice (CJEU) gave directions as to the interpretation of Art 3 of the EU Regulation on Insolvency proceedings (1346/2000) on the opening of territorial insolvency proceedings. Such proceedings could not be opened by the Belgian Public Prosecution Service who was not a creditor of the company or intervening on behalf of creditors.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...