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€700k in Dubai account yet to be transferred to forestry firm liquidator, High Court hears
Summary
In a High Court hearing on 25 April 2017, liquidator Declan De Lacy of Arden Forestry Management argued that approximately €700,000 held in a Dubai bank account belonging to GTD International Ltd had not yet been transferred to the Irish liquidator. De Lacy maintained that the funds, which Arden raised from 132 UK investors, were intended for Irish forestry investment but only €200,000 had been spent. He claimed that about €1.5 million of investor money had been moved to a GTD account linked to Arden. De Lacy explained that the Dubai company had been struck off for failing to file returns, preventing the liquidator from retrieving the money. He said he was working to restore the company so the funds could be returned to Ireland and distributed to creditors. Mr Justice O'Connor agreed to adjourn the case to July.
Who, what, where, when and why
What: Report matter: €700k in Dubai account yet to be transferred to forestry firm liquidator, High Court hears. Procedural stage: hearing_or_decision
When:
- 2017-04-25 Publication
Why: This, counsel said, is because the Dubai company has been formally struck off that country's companies register for failing to file returns. CNI source report
Places mentioned
- High Court
- The High Court
Topics
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