Bloxham challenge revocation from ISE

The creditors of liquidated stockbroking firm Bloxham could get 40% of what they are owed, rather than 10%, if the liquidator wins his challenge to the Irish Stock Exchange’s decision to revoke its membership, the High Court has heard.

The firm’s largest creditors include National Irish Bank, owed €8.5m, and the Revenue Commissioners, owed €2.3m.

Liquidator Kieran Wallace claims the decision of the Irish Stock Exchange Ltd (ISE) to revoke the membership cost Bloxham €6m, was not made for proper purposes or for the benefit of the company as a whole, and should be set aside as null and void.