High Court adjourns motions arising from Morrogh case

The High Court has adjourned a number of applications arising from the collapse in April 2001 of Cork stockbroking firm W&R Morrogh.

The receiver of the firm, Mr Tom Grace, has brought a motion seeking directions in relation to the appointment of representatives parties for clients of the company for the purpose of deciding how the company's funds should be distributed.

The court will have to decide whether a block of shares being held in the firm's name for clients should be given to the people for whom they were bought or whether they should form part of the general assets of the receivership.

Mr Denis McDonald SC, for the receiver, told Mr Justice Murphy yesterday that a number of parties were seeking an adjournment of that motion. He added it would also take time to put in evidence.

Mr John Gleeson SC, for Anglo Irish Bank, said he had issued a motion last January to have the High Court rule on the ownership of certain funds retained by the receiver and was anxious to have that motion heard in the next legal term. He said his motion was ready for hearing and he would be seeking to have it listed for a date in December when, he hoped, the receiver's motion would also be ready for hearing.

If the receiver's motion was not ready, that matter could be addressed next term, counsel added.

During yesterday's hearing, Mr Lyndon MacCann said he was representing some 29 investors, while Mr Maurice Collins said he was representing a Mr and Mrs Hall. Both counsel said they were reserving their positions.

After considering the matter, Mr Justice Murphy said he would adjourn the receiver's motion to October 14th for mention.

Meanwhile, Mr Gleeson is to apply for a December date for hearing of the Anglo Irish Bank motion.