Liquidator of Bloxham fails in ISE case
Bloxham liquidator Kieran Wallace had brought proceedings against the ISE alleging the termination was not made for proper purposes and meant the firm would lose €6m expected benefits from a proposed ISE restructuring, known as Project Chrysalis, intended to allow corporate members benefit from its €45m reserves. That restructuring has not yet happened.
In his judgment yesterday, Mr Justice Peter Charleton ruled there was “no reliable evidence” the December 2012 decision to terminate Bloxham’s membership arose from a conspiracy or was engineered so as to financially benefit other member firms of the ISE as opposed to being made for the benefit of the ISE as a whole.
