CHC Update

Davy replaces Bastow Charleton Wealth Management Limited (BCWM) supporting the official liquidator of CHC.

Background

Custom House Capital (CHC) was wound up in 2011 following an order by the High Court, and Kieran Wallace was appointed as official liquidator. Davy is now acting in an administrative capacity to assist the official liquidator, replacing Bastow Charleton. With more than 680 staff, in excess of €14 billion in assets under management and over 90 years' experience servicing the investment needs of Irish clients, Davy is a highly professional and regulated partner. We can provide the scale and resources to support the official liquidator and CHC clients through the conclusion of the liquidation process.

It's important to note that these changes will have no negative impact on you and they have been implemented to expedite the issue of payments to you as a client of CHC.

How can Davy help?

Davy has been engaged to support the official liquidator. We have put in place a dedicated and highly experienced client service team who will ensure any payment made to you from CHC is processed efficiently, and that you receive your funds as soon as they are authorised.

Davy will contact you directly once reconciliation of your CHC account has been completed. If you have a query in relation to the amount you may receive or timing of any payment to you, please contact the official liquidator directly

Latest news - ICCL subrogation claim

Under the terms of the Order, the liquidator must now retain the sum of €20,000 for each investor when making distributions. 
If an investor is due to receive a distribution of €20,000 or less, no distribution can currently be paid to the investor or their nominated provider. This amount is to cover the ICCL’s asserted claim over client assets. 

This matter was last heard by the Court on 28 February 2020 when the Court when the Court reserved judgment on the ICCL’s application. A judgement was subsequently passed on 30 April 2020 confirming that the costs of the legitimi contradictore to the ICCL’s application would be borne by the ICCL.

The Court ordered on 1 July 2020 that the application be advertised including on this website. The purpose of the advertisement is so that any client of CHC who is an eligible investor under the 1998 Act (Investor Compensation Act) may apply to the High Court on a date to be fixed by the High Court for liberty to appear and be heard in relation to the ICCL’s Application. The advertisement is available here . 

Distributions which are currently being made from the following accounts/funds and are impacted by this restriction:

  • Gross Client Savings account
  • Net Client Savings account
  • Destiny Equity fund
  • Destiny PRSA Equity fund

Potential distributions from other accounts/funds are also impacted by this restriction.

If you would like more information, please contact a member of the official liquidator support team at the phone number or email address listed below.

Please contact us for further information

We have a dedicated support team in place to deal with any queries you may have.

Davy support team

Official liquidator support team

Frequently asked questions

Why has Davy become my point of contact? 

The official liquidator of CHC, has appointed Davy to provide support throughout the liquidation process. with more than 680 staff, in excess of €14 billion in assets under management and over 90 years' experience servicing the investment needs of irish clients, davy is a highly professional and regulated partner. 

Am I a Davy Client? 

No. Davy has solely been engaged as administrator to the official liquidator. You will no longer be a client of CHC once you receive compensation. You may however opt to transfer the funds received, your pension and/or other funds transferred directly to Davy, and in doing so, become a Davy client.

When will I receive compensation?

In our role as administrator to the official liquidator, Davy is not in a position to provide an update on when compensation will be paid. We are currently working with the official liquidator in relation to the liquidation process and ask you to bear with us until this is concluded.

If you have a query prior to receiving compensation, please contact the official liquidator directly .

How can I be assured of confidentiality and know my personal data is secure?

All CHC client data is maintained on the original CHC systems.The official liquidator has secure access to this data in addition to Davy in our role as administrator. As a regulated entity we adhere and implement specified measures to ensure all prevailing data protection requirements are adhered to.