15 April 2013
Green Oil Plantations Limited and Green Oil Plantations (Australia) Limited (together "the Companies").
Simon Kirkhope and Chad Griffin of FTI Consulting have today been appointed joint administrators of Green Oil Plantations Limited and Green Oil Plantations (Australia) Limited.
Both Companies operate a UK investment scheme which invested in an Australian plantation that produces 'green oil' biofuels. Following operational issues with achieving first harvest, the Companies faced significant cash flow difficulties. In light of this, the directors took steps to place the Companies into administration.
The investment scheme was open to new investors between March 2010 and January 2013 and raised £24.4m. Individual investments were in excess of £10,000 and commonly made via a Self Invested Personal Pension (SIPP) provider.
Simon Kirkhope, joint administrator, commented, "Our priority is to maximise returns to investors and other creditors. We are working closely with the Financial Conduct Authority and the management of the plantation in Queensland, Australia to this end. We will be communicating further details to investors as soon as practicable."
Any questions please call the above number or email: GreenOilPlantations@fticonsulting.com