Solar power firm obtains injunction preventing winding up order being brought against it
A company involved in the renewable energy sector has secured a temporary High Court injunction preventing another firm bringing a petition to have it wound up over a disputed alleged debt of €1.2m.
The interim injunction was granted in favour of Welink Investment Holdings Ireland Ltd, against Sustainable Development Capital LLP.
Seeking the orders Stephen Dowling Bl for Welink said his client is a 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 of €1.2m 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, its current projects and its ability to attract funding and investment if an application to have it wound up is brought.
Counsel said it is also his client's case 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 had no option other than to come to court and seek an injunction.
The injunction was granted, on an ex-parte basis, by Ms Justice Leonie Reynolds on Tuesday. The case will come back before the court later this week.
The Judge also said that she hoped the parties would consider mediating the dispute.
