Ireland’s Cloughwater Plastics has avoided being wound up after the application was withdrawn.
In February, creditors from Netherlands-based Van Werven Group wanted the Dublin-based company to be liquidated as part of its joint venture with Northern Ireland firm Cloughwater Enterprises.
At Ireland’s High Court, two petitioning creditors, Kunststof Recycling Van Werven BV and Van Werven Plastic Recycling Holding BV that are part of the Van Werven Group requested that Cloughwater Plastics be wound up.
They said they had concerns about the way the company was being run and wanted provisional liquidators put in place.
But lawyers representing Cloughwater Plastics managing director and Cloughwater Enterprises director Shane Woods rejected the allegations and said it was a shareholders dispute.
Following out of court discussions, the creditors agreed to withdraw the petition after shareholders agreed to a due diligence process over the coming weeks.
However, lawyers for Ireland’s Revenue Commissioners last week informed the High Court that it would seek to take over the petition as a creditor of Cloughwater Plastics and the concerns it had over the company.
But those lawyers have now been given information that means the Revenue Commission is satisfied its concerns have been addressed, and so has withdrawn its application.
Ms Justice Roberts struck out the case and confirmed various cost orders that had previously been made.