Update on Custom House Capital 

Update 21 March 2014

The Examiner's Court date scheduled for 14 March 2014 was postponed and took place on 20 March 2014.  The matter of Custom House Capital Limited is listed for mention in the Examiner's Court on Monday 19 May 2014 and a full day hearing on Friday 30 May 2014. 

Update 25 February 2014

On 5 March 2014, the Official Liquidator of Custom House Capital Limited will submit a report to the Examiner's Court in relation to the on-going liquidation process.  A determination on the report is expected from the Examiners Court on 14 March 2014.

Update 28 January 2014

The Custom House Capital case has been deferred to the Examiner’s Court for Monday 24 February 2014 for further consideration.

Update 17 December 2013

The Custom House Capital case has been deferred to the Examiner’s Court for Monday 27 January 2014 for further consideration.

Update 10 December 2013

On Monday 16 December 2013, the Official Liquidator of Custom House Capital will attend the Examiner's Court in relatio to the on-going liquidation process and reconciliation of individual client positions.

Update 14 November 2013

On Monday 25 November 2013, the Official Liquidator of Custom House Capital Limited will attend the Examiners Court in relation to the issue of fees payable by clients.

On Monday 27 January 2014, the Official Liquidator of Custom House Capital Limited will attend the Examiners Court in relation to the on-going liquidation process and reconciliation of individual client positions.

Update 21 October 2013

The Custom House Capital case has been deferred to the Examiner’s Court for Monday 11 November 2013 for further consideration.

Update 20 August 2013

The Central Bank’s investigation into Custom House Capital Ltd (in Liquidation) and persons concerned in its management has been on-going since the publication of the Final Report to the High Court by Court Appointed Inspectors dated 19 October 2011.  Following consultation with An Garda Siochána, the Central Bank’s investigation has been deferred pending completion of investigations by An Garda Síochána.

Update 15 April 2013

On Monday 21 October 2013, the official Liquidator of Custom House Capital will attend the Examiner’s Court in relation to the on-going liquidation process and reconciliation of individual client positions.

Update 11 March 2013

On Monday 15 April 2013, the Official Liquidator of Custom House Capital Limited will attend the Examiner's Court in relation to the on-going liquidation process and reconciliation of individual client positions.

Update 18 February 2013

On Monday 11 March 2013, the Official Liquidator of Custom House Capital Limited will attend the Examiner's Court in relation to the on-going liquidation process and reconciliation of individual client positions.

Update 6 February 2013

On Monday 18 February 2013, the Official Liquidator of Custom House Capital Limited will attend the Examiners Court in relation to the on-going liquidation process and reconciliation of individual client positions.

Update 23 January 2013

The private hearing between the Judge and the Liquidator to discuss issues contained in the business plan took place on 18 January 2013.  Details of the discussions and the business plan are confidential.  The matter will return to the list in the Examiners Court however a specific date remains to be set.   

Update 12 December 2012

On Monday 10 December 2012, the Official Liquidator of Custom House Capital Limited attended the Examiners Court and submitted a detailed business plan for the liquidation process.  The Judge advised that she will meet the Liquidator in private on 14 January 2013 to discuss the issues contained in the business plan. Details of the business plan are confidential.

Update 16 November 2012

The Examiners Court date set for Monday 26 November 2012 is cancelled.  On Monday 10 December 2012, the Official Liquidator of Custom House Capital Limited will attend the Examiners Court in relation to the on-going liquidation process and reconciliation of individual client positions. 

Update 10 October 2012

Ms Justice Finlay Geoghegan issued a judgement on 9 October 2012 in relation to the matter of fees charged to CHC clients for reconciliation work being carried out by the Liquidator. See full judgement here.

The matter is listed for 15 November 2012 at 10 am in the event any party wishes to make an application arising from the judgement. 

Update 18 September 2012

On Tuesday 18 September 2012, the Official Liquidator of Custom House Capital Limited attended the High Court to provide an update on the Revenue Commissioner's attitude to payments out of certain assets.  These assets are the subject matter of proceedings relating to the issue of fees payable by clients.

Update 16 July 2012

On Monday 26 November 2012, the Official Liquidator of Custom House Capital Limited will attend the Examiners Court in relation to the on-going liquidation process and reconciliation of individual client positions. 

Update 02 July 2012

Following non-completion of the CHC Court hearing on 28 / 29 June 2012, the Judge confirmed that the hearing on the matter of charging of fees will continue on Friday 13 July 2012. 

Update 11 June 2012

On Monday 16 July, the Official Liquidator of Custom House Capital Limited will attend the Examiners Court in relation to the ongoing liquidation process and reconciliation of individual client positions.

Update 23 May 2012

Following non-completion of the Court hearing on 17 / 18 May 2012, the Judge has now confirmed that the hearing on the issue of fees payable by clients will continue on Thursday 28 June 2012

Update 18 May 2012

The Court hearing of 17 and 18 May was not concluded and a further Court date is yet to be agreed.

Update 1 May 2012

On the 17 and 18 May, the Official Liquidator of Custom House Capital Limited will attend the Examiners Court in relation to seeking directions on the issue of fees payable by clients.

Update 27 March 2012

On Monday 30 April, the Official Liquidator of Custom House Capital Limited will attend the Examiners Court in relation to seeking directions on the issue of fees payable by clients.

Update 13 March 2012

On Monday 26 March, the Official Liquidator of Custom House Capital Limited will attend the Examiners Court in relation to seeking directions on the issue of fees payable by clients.

On Monday 11 June, the Official Liquidator of Custom House Capital Limited will attend the Examiners Court in relation to the ongoing liquidation process and reconciliation of individual client positions.

Update 15 February 2012

On Monday 12 March, the Official Liquidator of Custom House Capital Limited will provide a further update to the Examiners Court in relation to the work carried out on the reconciliation of client holdings

Update 13 February 2012 

The Official Liquidator of Custom House Capital Limited provided an update to the Examiners Court in relation to the work carried out to date on the reconciliation of client holdings.

Information Release 21 October 2011

View the final report by Court Appointed Inspectors to the High Court on the appointment of a Liquidator to Custom House Capital here.

On foot of the report of the Court Appointed Inspectors the High Court has today (21 October 2011) appointed a Liquidator to Custom House Capital Ltd. The liquidator is also appointed as the administrator of Custom House Capital Limited for the purposes of and pursuant to Section 33A of the Investor Compensation Act 1998.

The appointment was sought as the firm was found to be insolvent and the appointment of a Liquidator is the most appropriate action to protect the immediate and ongoing interests of clients of Custom House Capital.

The Central Bank has acted at all times to protect the interests of all clients of Custom House Capital. The key priority for the Central Bank is to ensure that the position of client investments is established and it has agreed with the Liquidator that the assessment of client investments is concluded as a matter of urgency.

The Central Bank sought the appointment of the Inspectors on 15 July 2011 to conduct an investigation into the affairs of the firm and assess its financial position, as there were significant concerns about the firms operations following the identification of new and previously unknown issues.

The Central Bank has been informed that clients of Custom House Capital will be contacted directly by the Liquidator in the coming days to advise them of the process in relation to their investments. The Liquidator will undertake a full assessment of the firm to establish the current position of clients’ investments and funds.

Clients will also be contacted by the Investor Compensation Company (ICCL) by 4th November to invite clients to claim compensation under the Investor Compensation Scheme. Investments that are covered by the Investor Compensation Scheme may be eligible for up to 90% of any amount lost, up to a maximum of €20,000.

The Central Bank has been actively engaged with the firm since 2009, which led to a series of restrictions being imposed on the firm. In July the firm was prevented from carrying out any transactions or making payments to any clients in order to protect the interests of all clients, and prevent any further effect on client investments, until the impact of the issues involved was established.

Following a detailed investigation the Inspectors recommended the appointment of a Liquidator to the firm as the most appropriate action following the identification of a range of significant, serious and previously unknown issues during the investigation, which threatened client interests and made the firm unviable.

The outcome of the Inspector’s investigation is detailed in the Final Report, which has been published on the Central Bank website. The report outlines the significant failures that occurred regarding Custom House Capital’s business operations, which led to appointment of the Liquidator.  

Further information for clients of Custom House Capital is available by contacting 01-6760951 or at www.chcam.ie

The ICCL’s information booklet for private investors on how to claim compensation when an investment firm fails is available in the publications section of the website, www.investorcompensation.ie.

The High Court has approved the appointment of Kieran Wallace, Chartered Accountant, of KPMG, 1 Stokes Place, St Stephens Green, Dublin 2 as Liquidator to Custom House Capital Limited.

View judgement of Mr. Justice Hogan delivered on the 28th October 2011 here

View Questions and Answers on the appointment of a liquidator to Custom House Capital Limited here

View previous Questions and Answers on Custom House Capital Limited here.

View Transcript of Court Hearing here

View previous statement dated 06 September 2011 here

View the Grounding Affidavit in Relation to Custom House Capital Limited here.

View 2nd affidavit of Noel Thompson here

View 3rd affidavit of Noel Thompson here

View 4th affidavit of Noel Thompson here

View 5th affidavit of Noel Thompson here

View Affidavit of George Treacy dated 20 July 2011 here

View Judgment dated 18 July 2011 here

View High Court Order 219 dated 21 October 2011 here