Irish investors are owed €250 million by Solar 21, a Dublin based renewable energy firm in delayed repayments arising from unregulated loan notes.
Solar 21 raised €250 million from Irish investors to develop an energy from waste plant in Melton, East Yorkshire in the UK, which has been cancelled as it is no longer viable. The firm now recommends two schemes of arrangement which it claims could recover up to 80 per cent of the investors monies, if it is given a year.
For the schemes to be accepted, they have to be approved by 75 per cent of the creditors who vote on the proposals. If the schemes are not approved, the most likely outcome is liquidation, which could result in a return of only 12% for investors.
Investors face potentially substantial losses and have no recourse to the Central Bank-run Investor Compensation Scheme as these loan notes are not regulated products. Investors could have potential recourse against their brokers if there was any negligence or mis-selling involved.
Lavelle Partners are currently advising certain investors in respect of these matters.
If you believe that you have been miss-sold a financial product, please contact Partner and specialist in professional negligence claims against financial advisors and investment disputes, Ciarán Leavy, at 01 644 5800 or email@example.com.