A Co Cavan-based manufacturing and recycling company claims in Commercial Court proceedings that the previous owners implemented a strategy to strip the firm of assets before it was prepared for a “contrived insolvency issue and a [cynical] examinership petition”.
Wellman International Ltd has a major operation in Mullagh, where it has been a significant employer since 1973.
It was previously owned by the Thai-headquartered Indorama group and had three subsidiaries in France and a branch in the Netherlands.
In September 2025, following an examinership petition to the High Court the previous June, a survival scheme was approved following an investment of €4.95 million by companies in the UG group.
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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.
The action is also against former Wellman directors Anthony Troy, of Bishopscourt, Ramparts, Dundalk, Co Louth; Jonathan Dvorkin, Melville Rise, St Margaret’s, Dublin; and Shishir Pimplikar, of Wattana, Bangkok.
It is also against Indorama group Netherlands-based executives Sunil Baldi and Ashok Jain and Bangkok-based Manoj Kumar Singhi.
The defendants deny the claims.
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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.
He said the defendants, and each or any of them, embarked in May 2024 on a transaction described as “internal reorganisation” involving the transfer of the French and Dutch firms to other Indorama companies.
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.
“The defendants and/or the Indorama Group caused the divestment of four businesses otherwise than at fair value and to the detriment of Wellman,” Hammick said.
Less than six months later, in June 2025, the examinership petition was presented to the High Court.
It is Wellman’s 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.
