Courts / Dublin / Report

Liquidators appointed to forestry firm allegedly at centre of multi-million euro fraud

Summary

In a High Court decision on 21 June 2023, Justice Siobhan Stack appointed chartered accountants Jim Luby and Enda Lowry of McStay Luby as joint liquidators for GWD Forestry Ltd, an Irish‑registered forestry investment company accused of defrauding investors of around €30 million. The ruling followed applications from two creditor groups: one led by Franco Bertellino, who sought provisional liquidator Declan de Lacey of PKF O'Connor Leddy Holmes, and another represented by Sally O'Neill BL, who opposed Bertellino's nominee and requested Luby and Lowry. The court noted that the opposing creditors had earlier moved to restore the company to the register and had attempted a creditors' meeting to wind it up, but the High Court action halted that effort. Both sides acknowledged the company's involvement in fraud, and the court found the petitioning creditors' case insufficient to appoint their nominee. The appointment of Luby and Lowry aims to investigate the company's affairs and recover investors' funds.

Who, what, where, when and why

What: Report matter: Liquidators appointed to forestry firm allegedly at centre of multi-million euro fraud. Procedural stage: hearing_or_decision

When:

• Christmas Other
• 2023-06-21 Publication

Places mentioned

Topics

Fraud Stage Hearing Or Decision

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Read the original CNI report