Attempt by investors to appoint inspector to firm ‘without precedent’, court hears

An investor’s application seeking the appointment of a tax-payer funded inspector to a Christmas tree company is “without precedent”, the High Court has heard.

Mr Steen urged the court to be mindful of whether the issues raised are a public or private concern. The taxpayer foots the bill of an inspection, although there is potential to recoup costs, while the company’s creditors, at least to some extent, assume the financial burden of a liquidation, he said.

The court heard Mr Kearney and the 17 application supporters collectively claim to have invested €1.486 million in WFS Forestry through various loan agreements and crop purchase agreements, which tie their investments to the growth and harvest of the trees. One of these investors has received €29,500 back, but he is the only one of these to receive anything back, it is claimed.

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