Remaining Custom House Capital investors to be compensated in 2022
CHC was the largest failure of an investment firm dealt with by the ICCL, with total investor losses estimated by the Liquidator at more than €61m and compensatable losses of up to €19.7m
The vast majority of investors impacted by the collapse of the Custom House Capital (CHC) investment firm more than a decade ago are expected to be compensated by the end of next year.
The Investor Compensation Company (ICCL), the State body set up to pay compensation to the investors of failed firms, said legal matters related to the certification of claims have been resolved and they are recommenced making compensation payments.
CHC was the largest failure of an investment firm dealt with by the ICCL, with total investor losses estimated by the Liquidator at more than €61m and compensatable losses of up to €19.7m.Â
The liquidation of the firm commenced in October 2011 and almost 2,000 claims for compensation were received by the ICCL from clients of the firm. By the end of July this year, the ICCL had paid total compensation of €7.4m on foot of the certification of 574 claims.
"It is anticipated that the vast majority of the remaining claims will be certified and paid in 2022," the ICCL said in its Annual Report published yesterday.
The reserves of the ICCL consist of accumulated levies collected from authorised investment firms affiliated to the Scheme.
According to the report, no new compensation cases arose during the past year. The ICCL also continues to deal with the liquidation of Money Markets International Stockbrokers Limited (MMI) which dates from March 1999.Â
The ICCL has paid €775,000 in compensation to eligible clients of the firm. It said the resolution of a number of issues in the liquidation is awaited and it remains unclear whether additional compensation will arise in the case.
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