Custom
House Capital Limited (In Liquidation) - Reference 1002
Last Updated: 18/05/2012
The statutory deadline
for clients of Custom House Capital Limited (In Liquidation)
to apply for compensation under the Investor Compensation
Act 1998 passed on 23 March 2012.
The ICCL continue
to accept claim forms, however, the Central Bank of Ireland
will have to be satisfied that the claimant was unable to
make the claim in advance of the statutory deadline before
the claim can be processed. Claimants are required
to include a written reason for the delay when submitting
a claim application form to the ICCL.
We request that
all sections of the ICCL Claim Form are filled out
correctly and legibly (preferably using BLOCK CAPITALS). Please
click here
for tips on completing the ICCL
Claim Form. Click here
to read the ICCL's information booklet for private investors
"claiming compensation when an investment firm fails".
On receipt of completed claim application
forms from clients of Custom House Capital Limited (In Liquidation),
the ICCL will acknowledge the forms. As we are dealing with
a high volume of correspondence at present we kindly ask that
you allow us time to revert to you before contacting us again.
The ICCL will then check that each claim form has been adequately
completed and will then forward them to the Administrator
for certification. Each lead claimant will be notified when
the claim form has been sent to the Administrator.
I am
a client of Custom House Capital Limited (In Liquidation),
when can I expect payment of compensation?
The Administrator
and the ICCL are committed to paying compensation to clients
as quickly as possible. However, it is not possible at this
stage to give an accurate estimate of when this will be. This
page will be updated regularly as more information becomes
available.
The first step in
the process is to establish the extent of losses for individual
clients. Under the Investor Compensation Act, 1998, the certification
of claims requires that the losses sustained by each eligible
investor be properly assessed and calculated by the Administrator.
This process can take some time. To establish each client's
loss, the Administrator examines all the client records of
the failed firm, the records relating to the investment instruments
held by the firm, the records relating to transactions and
the position of each client.
I have
a query about Custom House Capital Limited (In Liquidation)
- who should I contact?
Further information
is available from the KPMG Custom House Capital Hotline which
is 01 - 4101405.
Alternatively, information
for clients of Custom House Capital Limited (In Liquidation)
is available by contacting Horwath Bastow Charleton Wealth
Management Limited (HBC)
on
01-6760951.
The Central Bank
has published updated Q&A's for clients, which is available
from the Central Bank website at Central
Bank of Ireland - Update on Custom House Capital.
Background
On 21 October 2011,
a liquidator was appointed by order of the High Court to Custom
House Capital Limited (In Liquidation).
A court ruling was
also made under the Investor Compensation Act, 1998 (the Act)
that Custom House Capital Limited was unable to meet its obligations
and an administrator for the purposes of the Act was appointed.
The Liquidator and the Administrator appointed is Kieran Wallace,
KPMG.
As Custom House
Capital Limited (In Liquidation) is a member of the Investor
Compensation Scheme, eligible investors of the firm that incur
losses may be entitled to compensation. We will pay clients
90% of the money they have lost, however, the most we pay
each investor is €20,000. The ICCL issued claim forms
to known clients of Custom House Capital Limited (In Liquidation)
on 4 November 2011 and notices were placed in national newspapers
in January 2012 inviting all Custom House Capital Limited
(In Liquidation) clients to submit claim applications.
Claims will be paid
from a Fund that the ICCL has built up over a number of years
from contributions paid by the investment industry. The ICCL's
Reserves are currently in excess of €40m. In addition,
the ICCL has other contingency arrangements, including insurance
cover and a commercial borrowing facility.
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