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Friday, July 19, 2024

Shutdown Of Dublin Recycling Company Discontinued

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Cloughwater Plastics Ireland Limited, a Dublin-based recycling organization, has been granted a reprieve after legal proceedings initiated to liquidate the company were discontinued. The request to shut down the company was withdrawn after objections were raised by its directors.

Cloughwater Plastics is jointly owned by Van Werven Group in the Netherlands and Cloughwater Enterprises Limited in Northern Ireland, and specializes in recycling mixed rigid plastics into raw materials for reuse in the plastics industry.

The company, which has 35 employees working at its facility located at Rosemount Park in Ballycoolin, Dublin 11, has been in operation since its establishment. The decision to shut down the company would have had a significant impact on its workforce, as well as the wider community.

This development is a welcome relief for the company and its employees, and it will be interesting to see what the future holds for Cloughwater Plastics in light of this outcome.

Legal Proceedings Discontinued

Following the withdrawal of the request for liquidation and the discontinuation of legal proceedings by the creditors, Cloughwater Plastics Ireland Limited’s future is currently undergoing due diligence, which is expected to take several weeks to complete. The company, jointly owned by Van Werven Group in the Netherlands and Cloughwater Enterprises Limited in Northern Ireland, specializes in recycling mixed rigid plastics into raw materials for reuse in the plastics industry.

The court was asked to appoint provisional liquidators to the company last month, which was opposed by lawyers representing Mr. Shane Woods, a director of Cloughwater Enterprises and the managing director of Cloughwater Plastics, on the grounds that it was a dispute between shareholders. The creditors agreed to withdraw the petition after the shareholders entered into discussions regarding the company’s future. In addition, parties such as Repak, Fingal County Council, and the landlord of the company’s premises also became involved in the proceedings.

Despite concerns expressed by lawyers for Revenue during the court hearing last week, they later informed Ms. Justice Eileen Roberts that they no longer wished to take over the petition. As a result, Ms. Justice Roberts formally struck out the petition and confirmed various costs orders previously made in the case.

Ownership and Location

Cloughwater Plastics Ireland Limited is a recycling company jointly owned by Van Werven Group in the Netherlands and Cloughwater Enterprises Limited in Northern Ireland. The company is headquartered in Dublin and operates its recycling facility at Rosemount Park, Ballycoolin in Dublin 11.

The company specializes in recycling mixed rigid plastics into raw materials that can be reused in the plastics industry.

With 35 employees, the company has been a significant player in the recycling industry in Dublin.

However, the recent legal proceedings against the company have raised concerns about its future, and it remains to be seen how the company will navigate the challenges ahead.

Specialization and Employees

The organization’s specialized focus on repurposing mixed rigid plastics into reusable materials has resulted in a workforce of 35 employees. Cloughwater Plastics Ireland Limited’s expertise lies in recycling mixed rigid plastics into raw materials for reuse in the plastics industry. This focus allows the company to contribute to the circular economy by reducing waste and conserving resources.

The 35 employees work at the company’s facility located at Rosemount Park, Ballycoolin in Dublin 11. The employees play a crucial role in the company’s operations, as they are responsible for sorting, processing, and repurposing the mixed rigid plastics. The workforce comprises individuals with diverse skill sets, including engineers, machine operators, and quality control personnel.

The discontinuation of the legal proceedings against the company provides a sense of relief for the employees, as it ensures job security. The ongoing discussions regarding the company’s future give hope that the company will continue to operate and provide employment opportunities in the recycling industry.

Application for Liquidation

The potential liquidation of Cloughwater Plastics Ireland Limited caused concern among stakeholders in the recycling industry and raised questions about the company’s future. Last month, Kunststof Recycling Van Werven BV and Van Werven Plastic Recycling Holding BV made an application to the High Court seeking the appointment of provisional liquidators to the company.

However, lawyers representing Mr. Shane Woods, a director of Cloughwater Enterprises and the managing director of Cloughwater Plastics, opposed the application, arguing that the issue was a dispute between shareholders. The creditors agreed to withdraw the petition after the shareholders entered into discussions regarding the company’s future.

Despite the withdrawal of the application for liquidation, the company is still undergoing due diligence, which is expected to take several weeks to complete. The involvement of Revenue in the proceedings added further complexity to the situation, as they expressed concerns about Cloughwater Plastics during the court hearing last week and announced their intention to take over the petition.

However, on Monday, Revenue informed Ms. Justice Eileen Roberts that they no longer wished to take over the petition. As a result, Ms. Justice Roberts formally struck out the petition and confirmed various costs orders previously made in the case.

Outcome and Future Plans

Following the withdrawal of the petition for liquidation, the future of Cloughwater Plastics Ireland Limited is currently being evaluated through due diligence, which is expected to take several weeks to complete.

The company, jointly owned by Van Werven Group in the Netherlands and Cloughwater Enterprises Limited in Northern Ireland, specializes in recycling mixed rigid plastics into raw materials for reuse in the plastics industry.

In the meantime, all parties involved in the legal proceedings, including creditors, shareholders, and other interested parties, have agreed to withdraw their claims and enter into discussions about the company’s future.

The due diligence process will involve a thorough assessment of the company’s financial health, operational capabilities, and market potential. This will enable the shareholders to make informed decisions about the company’s future, including the possibility of restructuring, refinancing, or selling the business.

Despite concerns expressed by Revenue lawyers during the court hearing, the discontinuation of the legal proceedings provides the company with an opportunity to address any issues and move forward with its operations.

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Barbara
Barbara
Barbara is a talented writer who has worked as a journalist for over 10 years. With years of experience in the industry, she has developed a unique voice that is both informative and engaging. Barbara is known for her ability to tackle complex subjects with ease, and her articles are always well-researched and insightful. She has a passion for uncovering the truth and presenting it in a way that is both fair and balanced. Barbara is a respected journalist who is dedicated to serving her community through her work. In her free time, she enjoys reading, travelling, and spending time with her family.

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