The state-owned Irish Strategic Investment Fund (ISIF) has appointed KPMG as receivers to Clonbio Green Gas, reported The Irish Times.
Clonbio owes ISIF over €12 million, which is secured against its assets.
Receivers can keep companies in their charge trading if they believe this is in the creditor’s interest.
Clonbio said it was becoming increasingly difficult to compete with cheap biofuel imports from South East Asia.
The organisation produces biomethane, but, according to the company, businesses opt for the cheaper imports to comply with government regulations.
“Not one government department or state agency buys even one litre of biogas,” added Clonbio.
Irish biomethane firm decries “cheap imports” as it enters receivership
