Blackbee Investments liquidators to begin contacting investors

Court heard the Cork firm had about 1,700 retail clients and held client assets of some €180m

The Central Bank said it had engaged extensively with the firm for an extended period in relation to a number of concerns including inadequate corporate governance structures, deterioration of the firm’s regulatory capital and liquidity positions and a lack of suitable controls.

The Central Bank said it could find no viable alternative than to seek the liquidation of Cork investment fund BlackBee Investments Limited.

The bank succeeded in its High Court application on Monday for provisional liquidators to be appointed to the firm, with some €180m in client assets.