Courts / Dublin / Report
Provisional liquidator sought for forestry firm said to have received €30m from investors
Summary
The High Court was asked to appoint a provisional liquidator to investigate GWD Forestry Limited, a Dublin‑registered forestry company that allegedly received €30 million from investors and is insolvent. Investors and creditors are concerned that the company's attempts to enter voluntary liquidation were not carried out in accordance with Irish company law. A second creditors' meeting is scheduled for later in the week. Investor and creditor Mr Franco Bertellino petitioned the court to appoint Mr Declan de Lacey of PKF O'Connor Leddy Holmes as provisional liquidator to mitigate risks, including preventing any improperly convened creditors' meetings. Mr Bertellino claims he has not received any return on his investment and that a liquidator appointed at the creditors' meeting might be biased toward the directors. The application was heard by Mr Justice Brian O'Moore, who directed that the company be notified of the appointment request and adjourned the matter to Thursday's sitting. The court noted the urgency of the claim.
Who, what, where, when and why
What: Report matter: Provisional liquidator sought for forestry firm said to have received €30m from investors. Procedural stage: hearing_or_decision
When:
- February 3rd Hearing Or Sentence
- Christmas Other
- 2023-01-31 Publication
Why: Mr Franco Bertellino, from Rivoli in Italy, says he wants Mr de Lacy appointed in order to mitigate risks, including preventing the company from proceeding with an any improperly convened creditors meeting. CNI source report
Places mentioned
Topics
Related court reports
- Man charged with having 56k child abuse images and videos remanded on bail
- Ex-Dáil hopeful's allegations against former employer 'complete fantasy', WRC told
- Mater must pay €10k to worker who said he was wrongly accused of abusing patient
- 'I think we know I won't be getting bail' - Daniel Kinahan charged with directing criminal organisation
- Letting agent who claimed alleged domestic violence victim abandoned tenancy by fleeing to refuge must pay €14.7k
- 77-year-old with 470 convictions told Luas staff to 'f**k off'
If a fact, identity, locality or legal outcome needs review, email the newsroom with this report's details prefilled.
Email a correction request