CHC Update

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 800 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

This matter was last heard by the Court over five days, and was completed on 30 July 2021, where the Court reserved Judgement on the ICCL’s application.

On October 13 2021, Justice Heslin delivered his Judgement where he ruled against the position of the ICCL.

Following the Judgement handed down, the Liquidator in his role as Administrator is now in a position to re-commence the certification of compensation claims, in line with the contents of the Judgement. It is anticipated that the majority of compensation claims will have been certified by June 2021.

In addition, the Liquidator has now been released from the requirement to retain the sum of €20,000 for each investor when making distributions, in line with the terms of the Court Order of 9 October 2019. As such, the Liquidator will make previously withheld amounts available to CHC clients prior to 31 December 2021.

The Liquidator will write to CHC clients directly who are due a distribution in this regard.

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.

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 800 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.