Solar energy business secures order against winding-up petition
Posted on 16th July 2019 at 22:44
Welink involved in dispute with renewable energy investor over alleged €1.2 million debt
A company involved in the renewable energy sector has secured a temporary High Court order preventing another business bringing a petition to have it wound up over a disputed €1.2 million debt.
The interim injunction was granted to Welink Investment Holdings Ireland Ltd against Sustainable Development Capital LLP.
Seeking the orders, Stephen Dowling, for Welink, said it is part of a group of companies involved in the solar power industry and has 87 employees.
There was a dispute with the defendant, which invests in renewable energy projects, over a purported debt which, counsel said, is “vigorously denied” by his client.
Counsel said Welink is fully solvent but the defendant had informed it that it would seek to have Welink wound up if the alleged debt was not paid.
His client is concerned about the damage the company might sustain to its reputation, current projects and ability to attract funding and investment if an application to have it wound up is brought, counsel said. Welink also maintains that any dispute between the parties over the purported debt should have been determined before the UK courts.
Counsel said Welink had sought undertakings from the defendant’s legal representatives not to bring a petition seeking to have Welink wound up. No undertakings were given and Welink therefore had no option but to come to court and seek an injunction.
The injunction was granted, on an ex-parte (one side only) basis, by Ms Justice Leonie Reynolds on Tuesday and the matter was returned to later this week. The judge said she hoped the parties would consider mediating the dispute.
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