{"id":559699,"date":"2026-07-20T22:09:14","date_gmt":"2026-07-20T22:09:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/559699\/"},"modified":"2026-07-20T22:09:14","modified_gmt":"2026-07-20T22:09:14","slug":"cavan-company-claims-in-high-court-former-owners-stripped-assets-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/559699\/","title":{"rendered":"Cavan company claims in High Court former owners stripped assets \u2013 The Irish Times"},"content":{"rendered":"

A Co Cavan<\/a>-based manufacturing and recycling company claims in Commercial Court<\/a> proceedings that the previous owners implemented a strategy to strip the firm of assets before it was prepared for a \u201ccontrived insolvency issue and a [cynical] examinership petition\u201d. <\/p>\n

Wellman International Ltd has a major operation in Mullagh, where it has been a significant employer since 1973.<\/p>\n

It was previously owned by the Thai-headquartered Indorama group and had three subsidiaries in France and a branch in the Netherlands. <\/p>\n

In September 2025, following an examinership petition to the High Court the previous June, a survival scheme was approved following an investment of \u20ac4.95 million by companies in the UG group.<\/p>\n

On Monday, an action by Wellman against its Bangkok-registered former parent company Indorama Venture public company limited, Indorama Netherlands BV, Indorama Ventures Recycling Netherlands BV and IndoNova Netherlands BV was admitted to the fast-track Commercial Court on consent between the parties. <\/p>\n

The action is also against former Wellman directors Anthony Troy, of Bishopscourt, Ramparts, Dundalk, Co Louth; Jonathan Dvorkin, Melville Rise, St Margaret\u2019s, Dublin; and Shishir Pimplikar, of Wattana, Bangkok.<\/p>\n

It is also against Indorama group Netherlands-based executives Sunil Baldi and Ashok Jain and Bangkok-based Manoj Kumar Singhi.<\/p>\n

The defendants deny the claims.<\/p>\n

\"\"Will the State\u2019s plan for the Carlton Cinema site revitalise O\u2019Connell Street?<\/p>\n

First up on this week\u2019s episode of Inside Business, host Ciar\u00e1n Hancock speaks to Cliff Taylor of The Irish Times about the State\u2019s purchase of the a 5-acre site on O\u2019Connell Street in Dublin that used to house the Carlton cinema. Officially, it has been purchased for the Metrolink underground rail link to Dublin airport. But is this part of a wider plan by the Government to take charge of regeneration in this key urban quarter of the capital?Why did Transport Infrastructure Ireland pay \u20ac80 million to purchase the site from UK developer Hammerson? And did it really need to buy the site to deliver a Metrolink stop on O\u2019Connell Street?Plus, fighting has once again broken out in the Middle East as the fragile ceasefire between the US an Iran has impacted on shipping going through the Strait of Hormuz. Denis Staunton has covered the story for The Irish Times, and he sums up the events of this week and where peace talks might go from here.Produced by John Casey with JJ Vernon on sound.<\/p>\n

\"\"Will the State\u2019s plan for the Carlton Cinema site revitalise O\u2019Connell Street?<\/p>\n

In an affidavit seeking entry of the case to the Commercial Court, Wellman director Magnus Hammick, of Fitzwilliam Street Upper, Dublin, said the defendants, and each or any of them, engaged in unlawful means conspiracy, and breaches of duty to Wellman, by causing or procuring the unlawful transfer and\/or divestment of valuable assets to their benefit. <\/p>\n

He said the defendants, and each or any of them, embarked in May 2024 on a transaction described as \u201cinternal reorganisation\u201d involving the transfer of the French and Dutch firms to other Indorama companies. <\/p>\n

However, throughout a valuation process for these companies, he said they allegedly sought to and did provide information which had the effect of reducing their value. In January 2025 those assets were sold to IndoNova NL, which was then the immediate parent of Wellman.<\/p>\n

\u201cThe defendants and\/or the Indorama Group caused the divestment of four businesses otherwise than at fair value and to the detriment of Wellman,\u201d Hammick said. <\/p>\n

Less than six months later, in June 2025, the examinership petition was presented to the High Court.<\/p>\n

It is Wellman\u2019s claim that the defendants, and each or any one of them, used the examinership process to achieve a collateral purpose and committed an abuse of process, Hammick said.<\/p>\n","protected":false},"excerpt":{"rendered":"A Co Cavan-based manufacturing and recycling company claims in Commercial Court proceedings that the previous owners implemented a…\n","protected":false},"author":2,"featured_media":85058,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,15218,73,61,60],"class_list":["post-559699","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-cavan","tag-high-court","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/559699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=559699"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/559699\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/85058"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=559699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=559699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=559699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}