Liquidator of investment fund found that €61 million in client funds had been misappropriated
Any claims that then arise, whether within the seven year period or afterwards, will be dealt with by the claimant applying to the court seeking they be paid. Photograph: Bryan O'BrienThe High Court has ordered that the State is to have control of unclaimed money from the Custom House Capital liquidation.The investment firm collapsed in 2011 and liquidator Kieran Wallace found €61 million in client funds had been misappropriated.
The judge said this created a very real difficulty for the liquidator who is anxious that the liquidation be concluded as early as can practicably be done. It was also suggested that a trust could be set up to distribute the monies or they could just be distributed proportionately among those clients who had engaged and already been paid.
The option of “giving away one investor’s money to another investor” was difficult to justify, he said. The liquidator had also identified a lack of any legislative basis for such action, he said.
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