The two petitioning creditors, Kunststof Recycling Van Werven BV and Van Werven Plastic Recycling Holding BV are both part of the Van Werven group.
That application was opposed by lawyers acting for Shane Woods, who the court heard is a director of Cloughwater Enterprises, from Ballymena, Co Antrim, and the managing director of Cloughwater Plastics. Following out-of-court talks, the creditors had agreed to withdraw the petition after the shareholders entered into discussions regarding the company’s future.
However, when the matter was before the court last week lawyers for Revenue, which is a creditor of the company, informed the court that it would seek to take over the petition due to concerns it had about Cloughwater Plastics.
Is this a windup?