Friday 22 September 2017

Court refuses review on ISE membership

Joe Brennan

The High Court has refused the liquidators of Bloxham Stockbrokers a judicial review on a preliminary matter relating to the Irish Stock Exchange's removal of its membership.

"The contested decision" of ISE membership is "not amenable to a judicial review", Judge John Cooke said.

The ruling comes before the hearing of Bloxham's main case against the ISE, which is over the liquidator's efforts to benefit from a potential distribution of the ISE's accumulated reserves under a plan by the company's guarantor members.

Bloxham ceased trading in May 2012 after the Central Bank launched a probe into accounting irregularities.

The firm said in court filings that it would stand to gain from a sale of the exchange, a firm limited by guarantee. It valued the investment at €6.3m.

Irish Independent

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