Application to appoint liquidator to forestry investment company adjourned

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Application To Appoint Liquidator To Forestry Investment Company Adjourned Application To Appoint Liquidator To Forestry Investment Company Adjourned
GWD Forestry Ltd is alleged to have taken in some €30 million from investors
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High Court reporters

An application to the High Court to wind up an Irish registered forestry investment company has been adjourned after the firm agreed not to proceed with a creditors meeting planned for Thursday.

An application to the court to appoint a liquidator to GWD Forestry Ltd, which is alleged to have taken in some €30 million from investors, will proceed later his month.

The court also heard that notice of that hearing will be provided to over 400 investors who are creditors of the company and related entities.

Mr Franco Bertellino from Rivoli in Italy had earlier this week sought to have Mr Declan de Lacey of PKF O'Connor Leddy Holmes appointed as provisional liquidator to the company, with a registered address at Northumberland Road, Dublin 4.

Mr Bertellino, represented by Robert O'Reilly Bl, sought the appointment over concerns claims about how the company has been run and its attempts to enter voluntary liquidation at a creditor's meeting last December.

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GWD's attempts to go voluntary liquidation was not done in accordance with Irish company law, he claimed, and a second creditor's meeting had been called by the company scheduled for Thursday.

Earlier this week Mr Bertellino applied to the High Court to have Mr de Lacy appointed as provisional liquidator of GWD, rather than have a liquidator appointed at the creditors meeting put in place.

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When the matter returned before Ms Justice Eileen Roberts on Thursday counsel told the court that there had been some progress in the matter.

The company, counsel said, had agreed not to go ahead with the proposed creditors meeting. It had also agreed that the application to appoint Mr de Lacy should be heard by the court later this month.

Counsel also secured permission from the court to put over 400 investors in the company, and allegedly related entities, who are members of a Facebook group on notice of the application.

The matter will return before the court on February 20th.

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