High Court asked to appoint provisional liquidator to forestry firm

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

The High Court was asked to appoint a provisional liquidator to GWD Forestry Limited, a Dublin-registered company alleged to have taken in €30 million from investors.

Investor and creditor Franco Bertellino, from Rivoli in Italy, petitioned the court to appoint insolvency practitioner Declan de Lacey. He said he wanted to prevent an improperly convened creditors’ meeting and had concerns about the possible appointment of a liquidator more closely aligned with directors than creditors.

The report said a second creditors’ meeting had allegedly been called for later that week. It was claimed that the company’s earlier attempt to enter voluntary liquidation had not complied with Irish company law.

On 31 January 2023, the application came before Mr Justice Brian O’Moore, who directed that the company be made aware of it. The judge adjourned the matter to Thursday’s sitting, noting the urgency of the claim.

This report covers an earlier stage of the case. Later developments are not reported here.