| 18.4°C Dublin

Close

Premium

Two more years to wind up Custom House Capital

Costs of managing decade-long liquidation has run to €5.74m

Close

Stock image

Stock image

Getty Images/Ingram Publishing

Stock image

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