Provisional liquidator for investment firm

 

The High Court has appointed a provisional liquidator to a property investment firm related to failed investment firm Custom House Capital.

The directors of Custom House Capital Investment Property Fund plc, which the court heard had invested in properties through two funds, sought the move to prevent two German banks from conducting a fire sale of the firm’s assets.

The assets in question are two large properties in Germany and in Paris.

The directors fear the properties, worth approximately €148 million, may be sold by the banks at a value far below their worth to the detriment of the companies shareholders.

At the High Court yesterday, Mr Justice Roderick Murphy said he was satisfied to appoint insolvency practitioner Billy O’Riordan of PricewaterhouseCoopers as provisional liquidator to the firm.