Courts / Dublin / Report
Petition to wind up recycling firm is formally withdrawn
Summary
An application to wind up Cloughwater Plastics Ireland Limited, a Dublin‑based plastics recycling firm employing 35 people, was formally withdrawn. The petition, originally brought by two creditors within the Van Werven Group, had been struck out after the Revenue Commissioners, who are also creditors, decided not to take over the application to appoint liquidators. The creditors had sought provisional liquidators due to concerns about the company's operations, but their claims were rejected by lawyers for director Shane Woods, who argued the matter was a shareholder dispute. Following out‑of‑court talks, the creditors withdrew the petition after shareholders entered into discussions about the firm's future. The court confirmed the strike‑out and upheld earlier cost orders. No liquidation or liquidation proceedings were ordered, and the company remains operational at Rosemount Park, Ballycoolin, Dublin 11. The case remains at the petition stage, with no further action taken by the court.
Who, what, where, when and why
What: Report matter: Petition to wind up recycling firm is formally withdrawn. Procedural stage: hearing_or_decision
When:
- 2023-03-06 Publication
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