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

Due to a Court application made by the Investor Compensation Company DAC (the “ICCL”) a restriction has been placed on the distribution of client assets by order of the Court. 

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 12th December 2019 when the Court adjourned the ICCL’s application. The matter is now next before the Court on 28th February 2020. A further update will be provided after that hearing.

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

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.