Custom House Capital Limited


Last updated 17th May 2017


By Notice of Motion dated 1st March 2017 in respect of Custom House Capital Limited (“CHC”) the Liquidator lodged an application in the High Court seeking, among other things:-

An order granting the Official Liquidator recourse to client money or client financial instruments for costs and expenses incurred in the reconciliation and distribution of the remaining client assets;

Directions from the Court as to how the Liquidator’s costs are to be apportioned across the client accounts;

Directions from the Court regarding the distribution to clients of CHC of the client assets which have been mixed or pooled together including those that have been affected by misappropriated monies.

On the 6th April 2017, the Official Liquidator’s Directions Application came before Ms. Justice Finlay Geoghegan. At that time, the Court made directions regarding the appointment of Representative Parties to the Liquidator’s applications and set timelines for each party to make submissions. The matter is next for mention on the 15th June 2017.

The Court has listed the matter for full hearing for three days commencing on 27th June 2017.

What does this mean for claimants?

The June hearing should provide directions to the Official Liquidator on how to treat the various outstanding assets classes as well as confirming how misappropriated funds will be recovered. It remains unclear, however, how long the reconciliation and distribution process will take to complete. It is expected that the outcome of the hearing may facilitate the early certification of some compensation claims.  




Last updated 7th October 2016


The Liquidator has recently reported to the Examiner’s Court that the reconciliation and return/distribution of Segregated Assets has been materially completed at this stage.  In this regard, the ICCL has been advised by the Administrator that in respect of compensation claims solely related to Segregated Assets, no compensatable losses arose.  However, we understand that the vast majority of clients that held Segregated Assets, also participate in Pooled Assets and/or Property Assets which still require a reconciliation and distribution process to be completed.  The ICCL has yet to be advised as to when the certification of these associated claims will be completed by the Administrator.

The matter of the Liquidator’s fees for the period 1 November 2013 to 10 June 2016 is due before the Examiners Court on the 4th November 2016. 

The update as at 15/12/2015 on the Custom House Capital case is available here.

For previous updates please click here.


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 was Mr 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 has provided €19.7 million from its accumulated Reserves to satisfy compensation claims in this case.

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, however clients may, in exceptional circumstances, still apply for compensation (see below).


Can I still make a claim for compensation?

  1. The ICCL continue to accept claim application forms, however, claimants are required to include a written reason for the delay when submitting a claim application form to the ICCL.
  2. Please contact the ICCL directly to request a claim application form.
  3. Under the Act, all late claims (i.e. received after the statutory deadline, in the case of CHC - after 23 March 2012) require Central Bank approval to be admitted to the claims process.
  4. 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 admitted by the ICCL.


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".


I am a client of CHC, when can I expect a decision in relation to my claim application?

If you have not received compensation from the ICCL to date, it is most likely because the ICCL is awaiting the certification of your claim from the Administrator, Mr Kieran Wallace of KPMG.  Once the ICCL receive a certification in respect of your claim, we aim to make any compensatable loss payment within 2 weeks.  Unfortunately it is not possible to give an accurate estimate of when individual claims will be resolved.  (Further details are provided below under "Why has my claim not been certified by the Administrator?)

The most recent batch of claim certifications, received from the Administrator, Mr Kieran Wallace were processed and paid in November 2015.

The ICCL will continue to liaise with the Administrator and his team in relation to the next tranches of certified claims. The records and levels of compensatable losses attached to some claims will be easier for the Administrator to establish than others.


Why has my claim not been certified by the Administrator?

The Act requires that the Administrator identify eligible clients and assess the level of compensatable losses suffered by each eligible client. In order to establish each client’s losses, the Administrator examines all the client records of the firm, the records relating to the investment instruments held by the firm, the records relating to the transactions and the position of each client.

The Administrator has indicated that the necessary reconciliation process, which is completed by him, in his capacity of Official Liquidator, is protracted due to the poor quality and concern over the accuracy of records within the firm in addition to the complex underlying transactions. Given these circumstances, it is not possible at this stage to give an accurate estimate of when individual claims will be resolved.

Clients of CHC are reminded that the ICCL and KPMG should be notified of any change in contact details in the intervening period.

To date compensation of circa €7.03 million has been paid in respect of 549 claims.


I have a query about Custom House Capital Limited (In Liquidation) - who should I contact?

If you have a query on your investments please contact the KPMG Custom House Capital Hotline which is 01 - 4101405 or alternatively, Crowe Horwath (formerly Horwath Bastow Charleton) 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.

Queries on the ICCL scheme should be directed to the ICCL.