The complex and lengthy liquidation of Custom House Capital has another two years to run which will push the entire length of the process to more than a decade, according to papers filed this week to the Companies Office.
Liquidator fees and legal costs of almost €4m have soaked up the vast bulk of money raised from the liquidation of Custom House Capital's assets, the filing shows.
Custom House Capital (CHC) was ordered to be wound up in 2011 by the High Court, and Kieran Wallace, a partner at KPMG, was appointed as official liquidator. That followed a High Court-appointed investigation by two Central Bank inspectors who found "systemic and deliberate misuse" of €66m of clients' money
As many as 2,000 clients - mostly pension investors -were affected by the collapse of the firm.
The complex liquidation included separating client funds from the company's assets and has involved numerous court hearings as well as ongoing interactions with the Central Bank's Investor Compensation Company, because the liquidator must sign off on on the validity of each client's claim before compensation can be paid.
Custom House Capital itself had used clients' money to invest heavily in property, acquiring assets in countries including France, Germany and Switzerland.
But as the financial crisis took hold, it began using client funds to make up shortfalls before the structure came crashing down.
The latest filing shows that the total costs of managing the liquidation stood at €5.74m at April 20 this year, little changed since the last update was filed in November.
Kieran Wallace's other high-profile insolvency work includes as joint special liquidator of the former Anglo Irish Bank. He has been liquidating Custom House Capital since 2011,
Liquidator's fees of €2.15m are the biggest single cost of the liquidation, the new filing shows, followed by legal fees of €1.85m. VAT on professional fees of 23pc would add another €900,000. Total costs of the liquidation to date stood at €5.355m and have been covered from the proceeds of the liquidation. The latest filing shows that the pot had dropped to €374,000 at April 20 last.
In December, the Investor Compensation Company (ICCL), a State body established to compensate clients of failed investment firms, said in its annual report that 1,370 of the original 1,944 Custom House Capital customers had yet to have claims validated and therefore have not been paid any compensation by the fund by that date.
The ICCL can pay up to €20,000 per customer, though most Custom House Capital clients are owed far more.
The ICCL said that since 2011, compensation of €7.4m had been paid to 574 Custom House customers on foot of the certification of their claims.
The liquidation is complicated by the overlapping functions of the liquidator and ICCL in returning cash to investors. Under the terms of a court order made this year, the liquidator must now retain €20,000 for each investor when making distributions in order, to repay the ICCL for funds it pays out.