Money Markets International Stockbrokers Ltd. (in liquidation) (No. 2), Re [2000] IEHC 75; [2001] 2 IR 17 (20th October, 2000)

Money Markets International Stockbrokers Ltd. (in liquidation) (No. 2), Re [2000] IEHC 75; [2001] 2 IR 17 (20th October, 2000)

No trust (express or constructive) was created in favour of K and H over client funds; statutory requirements preclude proprietary claims by K and H; the issue is answered in the negative.

Citation
[2000] IEHC 75
Parties
Applicant: K and H Options Limited; Respondent: MMI; Official Liquidator: Tom Kavanagh (Official Liquidator); Intervener: Central Bank; Objector: Investors represented by Mr McQuillian
Jurisdiction
Ireland
Procedural Posture
Trial of Issue / Judgment
Outcome
Claim by K and H Options Limited rejected; issue answered in the negative.
Legal Topics
Client Funds, Option Premia, Constructive Trust, Statutory Obligations, Priority of Claims
Trust Law Insolvency Law Financial Regulation Client Funds Option Premia Constructive Trust Statutory Obligations Priority of Claims

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 5 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

K and H Options Limited

Applicant

MMI

Respondent

Tom Kavanagh (Official Liquidator)

Official Liquidator

Central Bank

Intervener

Investors represented by Mr McQuillian

Objector

Procedural Posture

Trial of Issue / Judgment

Legal Issues

  1. 1 Whether K and H Options Limited is entitled to claim the sum of £321,620 against client funds of MMI for option premia in respect of settled stock exchange transactions
  2. 2 Whether a trust (express or constructive) exists in favour of K and H over client funds
  3. 3 Whether statutory requirements preclude proprietary claims by K and H

Ratio Decidendi

No trust (express or constructive) was created in favour of K and H over client funds; statutory requirements preclude proprietary claims by K and H; the issue is answered in the negative.

Court Disposition

Claim by K and H Options Limited rejected; issue answered in the negative.