Provisional liquidators appointed to Tipperary renewable energy firm
The High Court has appointed provisional liquidators to a Co Tipperary renewable energy business after a rescue plan relying on external investment fell through.
Woodco Renewable Energy Ltd, which provides biomass and solar power facilities, encountered financial difficulty following delays to various projects the company was involved in. These delays arose from external factors, such as planning application processes, the company says.
According to court documents, these delays – as well as other factors – resulted in a “material deferral” of expected revenue at the company.
Barrister Michael O’Sullivan, moving a petition to appoint provisional liquidators on behalf of Woodco on Friday, said the firm was “demonstrably insolvent”.
Noting the “unfortunate” firm’s financial position, Mt Justice John Jordan said he was satisfied to make orders appointing Eoin Massey and Anthony Glennon of Friel Stafford accountants as provisional liquidators.
Woodco, with offices...
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