Recapitalisation challenge time limit met

The High Court has ruled that an Irish Life & Permanent shareholder’s challenge against the Government’s recapitalisation of the bank was brought within the allowed time period.

Yesterday Mr Justice Kevin Feeney deemed that an application by Piotr Skoczylas, the controlling shareholder of Maltese-registered Scotchstone Capital Funds Ltd, made a bona fida attempt to bring his challenge within the prescribed time limits allowed.

The judge was ruling on one of a number of preliminary issues raised in proceedings in which Mr Skoczylas, his company, two IL&P shareholders, Gerard Dowling and Padraig McManus, are challenging the recapitalisation on grounds including it unlawfully imposes a €2.7 billion burden on Irish and EU taxpayers.