Dissolution of the 30 million euro forest company is delayed due to a meeting of creditors

A High Court application to wind up an Irish-registered forestry investment company has been adjourned after the firm agreed yesterday not to hold a bondholders’ meeting.

The application concerned the appointment of an insolvency administrator for GWD Forestry Ltd, which is said to have raised around 30 million euros from investors. It will now continue later this month.

The court also heard that over 400 investors who are creditors of the company and its affiliates will be notified of the hearing.

Franco Bertellino, of Rivoli in Italy, tried earlier this week to appoint Declan de Lacey of PKF O’Connor Leddy Holmes as interim liquidator of the company, whose registered address is Northumberland Road, Dublin 4.

Mr. Bertellino requested the appointment over concerns about the company’s governance and its attempts to enter voluntary liquidation at a creditors’ meeting last December.

GWD’s attempt at voluntary winding up was not in accordance with Irish company law, he claimed. The company called a second creditors’ meeting for yesterday, which did not take place.

Earlier this week, Mr Bertellino petitioned the court to appoint Mr de Lacy as GWD’s interim liquidator rather than one appointed at a creditors’ meeting.

When the matter was brought back before Ms. Judge Eileen Roberts yesterday, his attorney Robert O’Reilly told the court that there had been some progress on the matter.

The matter will appear in court again on February 20.

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