“One thing we have highlighted to the consumer is that it can take several months before an outcome.”
Mr McCabe said the investments were sold through a mixture of regulated and unregulated advisers.
He said First Target Recoveries is taking claims to both the Financial Ombudsman Service and the Financial Services Compensation Scheme.
One of the complications surrounding claims for the scheme was relating to a recent hurricane in Costa Rica which had damaged the plantation.
Mr McCabe said some people may still have value in the investment depending on the extent of the damage from the hurricane, which is still being investigated.
According to the liquidator’s most recent report, Ethical Forestry Ltd had investments with a book value of £12.1m.
It owned 80 per cent of a Costa Rican company called Ethical Forestry SA which in turn owned plantations and a wood mill in Costa Rica, with the balance owned by an on-site forester.
This forester, Robert Brown, was looking for finance to buy the plantation, according to this report.
The liquidator of Ethical Forestry Ltd has been asked to comment.