A former executive of collapsed stockbroking firm Bloxham signed annual accounts in 2012 treating a €6.2m valuation of its membership of the Irish Stock Exchange as an “asset” in the absence of regulatory approval for a proposed restructuring which would permit corporate members to get monies from the exchange company’s €45m reserves, the High Court has heard.

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.

Bloxham Stockbrokers in liquidation was yesterday given permission by the High Court to legally challenge a decision to revoke Bloxham’s membership of the Irish Stock Exchange.