Update - Custom House Capital
13 July 2020
Press Release
Update 24 May 2023
Following the matter of Custom House Capital Limited being heard in the Examiner’s Court on 19 May 2023, the next date for further consideration of the liquidation is not yet fixed however an indicative timeline of October 2023 was given for the matter to be listed again.
Update 5 January 2023
The matter of Custom House Capital Limited is listed in the Examiner’s Court on 7 March 2023 for a motion and on 19 May 2023 for further consideration of the liquidation.
Update 2 August 2022
The matter of Custom House Capital Limited is listed in the Examiner’s Court on 16 November 2022 for further consideration of the liquidation.
Update 13 July 2020
Following the matter of Custom House Capital Limited being heard in the Examiner’s Court on 7 July 2020, the next date for further consideration of the liquidation is not yet fixed.
Update 27 November 2019
The matter of Custom House Capital Limited is listed in the Examiner’s Court on 7 July 2020.
Update 3 May 2019
The matter of Custom House Capital Limited is listed in the Examiner’s Court on Tuesday 26 November 2019.
Update 7 February 2019
The matter of Custom House Capital Limited is now confirmed as being listed in the Examiner’s Court on Thursday 2 May 2019.
Update 30 November 2018
The matter of Custom House Capital Limited is listed in the Examiner’s Court on Friday 14 December 2018. This matter is also tentatively listed for further consideration on Thursday 2 May 2019.
Update 22 November 2018
The matter of Custom House Capital Limited is listed in the Examiner’s Court on Wednesday 28 November 2018 – this is a continuation of the matters heard on 21 November 2018.
Update 13 November 2018
The matter of Custom House Capital Limited is listed in the Examiner’s Court on Wednesday 21 November 2018. Ms Justice Finlay Geoghegan will deliver her judgment on the matters heard on 13 June 2018.
Update 25 April 2018
The matter of Custom House Capital Limited is listed for mention in the Examiner’s Court on Wednesday 13 June 2018. The matter of Custom House Capital Limited is not now listed for mention in the Examiner’s Court in the week
beginning 7 May 2018.
Update 28 November 2017
The matter of Custom House Capital Limited is listed for mention in the Examiner’s Court in the week beginning 7 May 2018 – no specific date is yet fixed during that week.
Update 1 August 2017
The matter of Custom House Capital Limited is listed for mention in the Examiner’s Court on Thursday 16 November 2017.
Update 27 July 2017
The matter of Custom House Capital Limited is listed for mention in the Examiner’s Court on Monday 31 July 2017 - in respect of the consequential orders to be made on foot of the Judgement delivered on 26 July 2017
Update 26 June 2017
The matter of Custom House Capital Limited is listed for hearing in the Examiner’s Court on 27 June 2017.
Update 12 April 2017
The matter of Custom House Capital Limited is listed for mention in the Examiner’s Court on 15 June 2017.
Update 16 March 2017
The matter of Custom House Capital Limited is listed for mention in the Examiner’s Court on Thursday 6 April 2017.
Update 27 January 2017
The matter of Custom House Capital Limited has a provisional listing for mention in the Examiner’s Court on Wednesday 15 March 2017.
Update 29 November 2016
The matter of Custom House Capital Limited is listed for mention in the Examiner’s Court on Thursday 26 January 2017.
Update 10 November 2016
The matter of Custom House Capital Limited is listed for mention in the Examiner’s Court on Thursday 17 November 2016.
Update 23 September 2016
The matter of Custom House Capital Limited is listed for mention in the Examiner's Court on 4 November 2016.
Update 21 July 2016
In the matter of Custom House Capital Limited the proposed listing for mention in the Examiner's Court on 21 July 2016 is vacated and will not proceed. The matter is now expected to be listed for the Examiner’s Court in the latter half of
September 2016. An update will be provided when known.
Update 7 July 2016
The matter of Custom House Capital Limited has a proposed listing for mention in the Examiner's Court on 21 July 2016. This date is not yet confirmed. An update will be provided when known.
Update 22 February 2016
The matter of Custom House Capital Limited is listed for mention in the Examiner's Court on 30 June 2016.
Update 8 February 2016
The matter of Custom House Capital Limited is listed for mention in the Examiner's Court on 18 February 2016.
Update 19 November 2015
The matter of Custom House Capital Limited is listed for mention in the Examiner's Court on 4 February 2016.
Update 27 July 2015
The matter of Custom House Capital Limited is listed for mention in the Examiner’s Court on 12 November 2015.
Update 13 July 2015
The matter of Custom House Capital Limited is listed for mention in the Examiner’s Court on 23 July 2015.
Update 11 February 2015
The matter of Custom House Capital Limited is listed for mention in the Examiner’s Court on 9 July 2015. The Official Liquidator is due to submit a report to the Examiner’s Court by 2 July 2015.
Update 14 January 2015
The judgement on the matter of Custom House Capital Limited relating to the quantum of the costs of the liquidation was discussed in the Examiner’s Court on 13 January 2015. The matter is now adjourned until 10 February 2015.
Update 23 December 2014
A judgement on the matter of Custom House Capital Limited that was discussed in the Examiner’s Court in early October 2014 was released to relevant parties yesterday – relating to the quantum of the costs of the liquidation. The matter
is now adjourned until 13 January 2015 for any submissions on the judgement.
Update 9 October 2014
The matter of Custom House Capital Limited was discussed in the Examiner’s Court on Wednesday 1 October 2014 and Thursday 2 October 2014 as scheduled – relating to the quantum of the costs of the liquidation. The matter did not conclude
and further discussions took place on Friday 3 October 2014. The Judgement was reserved and should follow within several weeks.
Update 5 September 2014
The matter of Custom House Capital Limited is listed in the Examiner's Court for two full days hearing on 1-2 October 2014 in relation to the costs of the liquidation.
Update 29 July 2014
The matter of Custom House Capital Limited is listed for mention in the Examiner's Court on Monday 1 September 2014.
Update 23 July 2014
The Official Liquidator of Custom House Capital Limited applied to the High Court on 30 June 2014 seeking declarations under Section 150 (Restriction) and 160 (Disqualification) of the Companies Act 1990 in respect of three former directors of Custom
House Capital Ltd, Mr Harry Cassidy, Mr John Mulholland and Mr John Whyte.
Update 22 July 2014
The matter of Custom House Capital Limited is listed for mention in the Examiner's Court on Monday 28 July 2014. The hearing scheduled for 24 / 25 July 2014 is postponed.
Update 15 July 2014
The matter of Custom House Capital Limited is listed for mention in the Examiner's Court on Monday 21 July 2014.
Update 20 May 2014
The Examiner's Court date scheduled for 30 May 2014 is postponed. The matter of Custom House Capital Limited is listed for mention in the Examiner's Court on Monday 7 July 2014 and two full days hearing on 24 / 25 July 2014.
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 Limited 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 Limited 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 Limited will attend the Examiner's Court in relation 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 Limited 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 Limited (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 Limited 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 Custom House Capital Limited 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 Custom House Capital Limited 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 Limited 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 Limited. 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
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.
Related documents