Update as at 19th May 2023
The Investor Compensation Company (“ICCL”) is aware that Joint Administrators (Luke Charleton and Colin Farquharson of EY) were appointed to BlackBee Investments Limited by the High-Court on 19 May 2023. The Joint Administrators are also the Joint Official Liquidators of BlackBee Investments Limited.
The ICCL is in contact with the Joint Administrators of BlackBee Investments Limited to receive a list of clients that obtained regulated investment services from BlackBee Investments Limited. When the ICCL has received and validated the client list from the Joint Administrators, the ICCL will contact all clients directly. You do not need to contact the ICCL at this time.
Please note that the ICCL does not have access to the client records of BlackBee Investments Limited.
If you have a query about your regulated investment with BlackBee Investments Limited, please continue to contact the Joint Official Liquidators by email at Blackbee.Investments@ie.ey.com.
What is the ICCL?
The ICCL is part of the financial safety-net in Ireland. It can pay statutory compensation in certain circumstances and is funded by the investment industry through the payment of statutory levies.
What does the ICCL do?
Within five months of a Central Bank of Ireland regulated investment firm entering insolvency, the ICCL is required to invite claims from the regulated clients. The Joint Administrators will review each claim and decide if it is entitled to compensation in accordance with the Investor Compensation Act, 1998. In basic terms, the ICCL can pay compensation when regulated client money or regulated client assets are not available (missing).
What are the statutory levels of compensation?
The statutory compensation limit is the lower of 90% of your compensatable loss, or €20,000.
Is the ICCL inviting claims now?
At this time, the ICCL is not inviting claims for compensation. This is because the ICCL must wait to receive the client list from the Joint Administrators. The ICCL will contact you directly once it has received and validated the client list.
How long will it take for the ICCL to contact me?
This process is likely to take a number of weeks to complete. Unfortunately, and until such time as we receive the above noted data, we are unable to provide any additional information. This is because we do not have access to the books and records of BlackBee Investments Limited.
Where can I get further information on claiming compensation?
Click here to read the ICCL's information booklet for private investors "claiming compensation when an investment firm fails".