Bloxham Denied Irish Judicial Review in ISE Membership CaseJoe Brennan
Ireland’s High Court refused Bloxham, the securities firm in liquidation, a judicial review on a preliminary matter relating to the Irish Stock Exchange’s removal of its membership.
“The contested decision” of ISE membership is “not amenable to a judicial review,” Judge John Cooke said in court in Dublin today. The ruling comes before the hearing of Bloxham’s main case against the ISE, which affects the firm’s ability to benefit from a potential distribution of the ISE’s accumulated reserves under a plan by the company’s guarantor members.
Bloxham, which ceased trading in May 2012 as the central bank launched a probe into accounting irregularities, listed its stock exchange membership as an asset in documents lodged with the High Court in Dublin the same month. It said in the filings that it would stand to benefit from a sale of the exchange, a firm that is limited by guarantee. It valued the investment at 6.3 million euros.
The ISE revoked Bloxham’s membership of the exchange in December, citing exchange rules. The ISE expects to change into a company where its guarantors convert to shareholders this year, subject to regulatory and other approvals.