High Court makes orders to wind up Cork-based investment fund

Some €92 million worth of BlackBee client investments has matured and a further €87 million is due to mature, of which €64 million will mature before the end of the year.

Although BlackBee’s chief executive, David O’Shea, did not appear in court, Mr Justice David Barniville was satisfied he had been properly notified of the hearing and that it was appropriate to wind up the firm.

Some €92 million of BlackBee client assets have matured but no decision will be made regarding them until liquidators conclude their investigations into the affairs of the Cork-based investment fund, the High Court has been told.

Barrister Paul Brady said 1,700 letters have been sent out to investors since his clients were last week appointed as joint provisional liquidators of BlackBee Investments Limited at the behest of the Central Bank.