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Creditors seek orders winding up recycling firm
Summary
Two creditors belonging to the Van Werven Group, claiming a debt of €2.3 million, have applied to the High Court for orders to wind up Cloughwater Plastics Ireland Limited, a joint venture with Cloughwater Enterprises Limited. The creditors, Kunststof Recycling Van Werven BV and Van Werven Plastic Recycling Holding BV, allege that the company is insolvent, has been mismanaged by its managing director Shane Woods, and that its books contain discrepancies. They also claim the firm no longer holds a licence to export its products and has overcharged the Irish recycling body REPAK, owing it more than €562,000 with a potential additional €600,000. The creditors seek the appointment of joint provisional liquidators, Ken Fennell and Andrew O'Leary of Interpath Ireland, to investigate and manage the company's affairs. The application was heard by Mr Justice Brian O'Moore, who directed that it be served on the company and other interested parties before being considered further.
Who, what, where, when and why
What: Report matter: Creditors seek orders winding up recycling firm. Procedural stage: hearing_or_decision
When:
- 2023-02-08 Publication
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