Investment company Green Oil Plantations, which raised £24.4m mainly through self-invested personal pensions (SIPPs), has entered administration.
The company - which also has an Australian arm - operated a UK investment scheme which invested in an Australian plantation that was supposed to produce 'green oil' biofuels. However following what the company called "operational issues" with achieving the first harvest, the company faced significant cash flow difficulties. As a result the directors have taken steps to place the business into administration. Simon Kirkhope and Chad Griffin of FTI Consulting have been appointed as joint administrators of Green Oil Plantations Limited and Green Oil Plantations (Australia) Limited. ...
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