THE HIGH Court has reserved judgment on the Minister for Finance's bid to halt a number of legal challenges to the Government's recapitalisation of Irish Life & Permanent (IL&P).

Mr Justice Kevin Feeney said he hoped to rule early next month on the application to stop actions by investment fund Horizon Growth, which bought six million shares in IL&P between February and July 2011, and businessman Piotr Skoczylas, whose company bought €200,000 of IL&P shares in autumn 2010.

The Minister claims neither Horizon nor Mr Skoczylas has the required legal standing to bring the proceedings on grounds that neither was a member of IL&P when the recapitalisation order was made.

The motion is among a number of key preliminary issues which Mr Justice Feeney said he would deal with after ruling on the Minister's application.

Mr Skoczylas and his Maltese-registered company Scotchstone Capital are among a number of litigants challenging the July 2011 recapitalisation on grounds including that it unlawfully imposes an unacceptable €2.7 billion burden on Irish and other EU taxpayers and hinders the free movement of capital.

Two IL&P shareholders, Gerard Dowling and Pádraig McManus, previously told the court they are supporting Mr Skoczylas while, in separate proceedings, Curacao-based Horizon is also challenging the recapitalisation.

Lawyers for the Minister have claimed neither Horizon nor Mr Skoczylas appeared on the bank's register of members in August 2011 when they brought their legal challenges.

It is argued, at the relevant time, both Horizon's and Mr Skoczylas shares were registered to other entities, who held the shares for the parties' beneficial ownership.

Mr Skoczylas and Horizon reject the Minister's claims and contend the manner in which they held the IL&P shares represents an established norm in international financial investment.