GWD Forestry Ltd placed in liquidation amid fraud claims

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

GWD Forestry Ltd was placed into liquidation by the High Court in a judgment on 21 June 2023, with joint liquidators appointed to investigate the company’s affairs.

Ms Justice Siobhán Stack appointed chartered accountants Jim Luby and Enda Lowry of McStay Luby as joint liquidators. The company was alleged to have taken about €30 million from investors for forestry plantations in Canada and Brazil.

The ruling followed competing applications by two groups of creditors seeking different liquidators. The judge was not satisfied that the petitioning creditors had established a case for their nominee to be appointed; the other creditors had sought the appointment of Luby and Lowry.