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.