Trusted by the judiciary, government lawyers, prosecutors, and many leading counsel. Click here to request a subscription.
|
or click here to request site subscription to search and view all judgments |
The High Court has granted an order that the official liquidator of a company wound up in 2011 pay to an account nominated by the Minister for Finance the unclaimed and undistributable funds arising where creditors of the company could not be located or had not engaged with the liquidator. The court found that maintaining the liquidation indefinitely for these funds was impractical and costly, and that the proposed solution was supported by existing legislation and aligned with the legislative intent to avoid indefinite liquidations. The Central Bank was a notice party to the hearing, and did not oppose the order sought by the Official Liquidator.
Official Liquidator, Custom House Capital Limited (CHC), liquidation, undistributable balances, Companies Act 2014, section 623, High Court, Central Bank of Ireland, client assets, rump funds, legislative intent, investor compensation, trust arrangement, statutory process, dissolution of company, unclaimed dividends, Companies Liquidation Account, Cox Report, Oireachtas, Trustee Act, Rules of the Superior Courts (RSC).
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
The only fast reporting service for all Irish judgments over the past ten years. Click here to request a subscription.
Register Now