In the Matter of Money Markets International Stockbrokers (In Liq) [2012] IEHC 214 (23 May 2012)

In the Matter of Money Markets International Stockbrokers (In Liq) [2012] IEHC 214 (23 May 2012)

Mr. Fanning's claim to the shares or proceeds of sale is a claim against CIS, not the Company in liquidation. The Company acted only as broker. The claim is outside the liquidation and is therefore statute-barred under the Statute of Limitations 1957, as more than six years have elapsed since the contract date.

Citation
[2012] IEHC 214
Parties
Company in Liquidation: Money Markets International Stockbrokers Ltd. (in liquidation); Applicant: Official Liquidator; Vendor/respondent: Consulting and Investment Services Inc. (CIS); Claimant/respondent: Hilary Fanning
Jurisdiction
Ireland
Judgment Date
23 May 2012
Procedural Posture
Application for Directions in Liquidation / Determination of Preliminary Issue on Statute of Limitations
Outcome
Claim statute-barred
Legal Topics
Statute of Limitations, Client Money, Liquidation, Ownership of Shares, Agency
Insolvency Company Law Statute of Limitations Client Money Liquidation Ownership of Shares Agency

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Parties

Money Markets International Stockbrokers Ltd. (in liquidation)

Company in Liquidation

Official Liquidator

Applicant

Consulting and Investment Services Inc. (CIS)

Vendor/respondent

Hilary Fanning

Claimant/respondent

Procedural Posture

Application for Directions in Liquidation / Determination of Preliminary Issue on Statute of Limitations

Legal Issues

  1. 1 Whether Mr. Fanning's claim to shares in Dana Petroleum plc or proceeds of sale is statute-barred under the Statute of Limitations 1957
  2. 2 Whether the claim is within or outside the liquidation of the Company
  3. 3 Whether the proceeds represent client money or client financial instruments

Ratio Decidendi

Mr. Fanning's claim to the shares or proceeds of sale is a claim against CIS, not the Company in liquidation. The Company acted only as broker. The claim is outside the liquidation and is therefore statute-barred under the Statute of Limitations 1957, as more than six years have elapsed since the contract date.

Court Disposition

Claim statute-barred

Orders

  • Mr. Fanning's claim in respect of the shares of Dana Petroleum or the proceeds of sale thereof is statute-barred under the Statute of Limitations 1957, as amended and extended.