Lawyers for various cohorts of investors and brokers wanted the court to adjourn the High Court hearing on account of an alleged deficiency in information provided to creditors via IrishTimesBiz
On Friday, senior counsel for the companies, Lyndon MacCann, with barrister Declan Murphy, said his clients are “adamant” they have provided more than enough information. However, they were consenting to the adjournment and will engage with investors and creditors with a view to providing further information.Some £209 million was raised from Irish investors to build a waste-to-energy plant in Yorkshire in England.
Mr Dowling said £196 million of Irish investments, much of which is people’s pensions, needs to be accounted for and dates of intercompany loans must be set out. If those earlier loans were not repaid upon their maturity, subsequent fundraising for the Yorkshire project would not have been successful, he added.
Barrister Neal Flynn, instructed by O’Shea Barry Solicitors, for four investors, said his clients were reserving their position regarding whether they would seek the appointment of an inspector to the firms under section 747 of the Companies Act. Solar 21′s sole director and shareholder, Michael Bradley, said in an affidavit that the EFW 21 and EFW Irl firms provided loans to several other companies in the group, including £76.9 million to the Tansterne Biomass and Plaxton Biogas projects.
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