Cloughwater Plastics winding-up petition struck out by High Court

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

The High Court struck out the petition to wind up Cloughwater Plastics Ireland Limited on 6 March 2023, after Revenue said it no longer wished to take it over.

The petition had been brought by two Van Werven group entities, which had sought provisional liquidators for the Dublin plastics recycler. They had raised concerns about its operation and alleged it was insolvent. Lawyers for Shane Woods, the managing director of Cloughwater Plastics, rejected the insolvency allegation and described the matter as a shareholder dispute.

The creditors agreed to withdraw their petition after shareholders began discussions about the company’s future. Revenue had considered taking over the petition, but Sally O’Neill BL told Ms Justice Eileen Roberts that Revenue’s concerns had been addressed after it received information. Ms Justice Roberts struck out the petition and confirmed earlier costs orders.