High Court appoints provisional liquidators to Dolphin Trust Insolvency-linked Irish firm

The High Court has appointed Ian Barrett and Shane McCarthy of KPMG as joint provisional liquidators to Dolphin MUT 116 Ltd, an Irish special purpose vehicle linked to Dolphin Trust Insolvency (now German Property Group).

Dolphin Trust collapsed in 2020 after taking over €1 billion from investors—including around 1,800 Irish investors, who put approximately €150 million into its loan note products between 2012 and 2019. The Dolphin Trust group is currently undergoing an insolvency process in Germany. MUT 116 was set up to generate investment in Dolphin Trust products from Irish investors. Its total liabilities will ultimately amount to €99 million, while its assets come to a mere €10,500.

Image source_RTE_Dolphin Trust Building

Mr. Justice Senan Allen made the order on Wednesday 28 April after being told by Peggy O’Rourke SC on behalf of MUT 116 that the company’s directors—Brian Flynn, of Glenvar Park, Blackrock, Co Dublin; and Eanna McCloskey, Millfarm, Dunboyne, Co Meath—were of the view that the appointment would help to secure the best possible outcome for creditors.

The directors had previously resisted a petition to wind up another Irish special purpose vehicle linked to Dolphin Trust, MUT 103 Ltd, arguing that there were existing plans in place to deal with creditors. But Ms O’Rourke said the position had changed on account of the Court’s appointment of a liquidator to MUT 103.

 Mr. Justice Allen appointed the joint provisional liquidators pending the hearing of a petition to wind up MUT 116 next month. He noted that the directors had previously taken the position that the best course of action would be for them and Wealth Options Trustees Ltd, administrator for Dolphin Trust products in Ireland, to liaise with investors. But he observed that since MUT 103’s winding-up the directors had changed their view as to the most appropriate method of seeking to obtain the best possible return for investors.

 In light of the fact that Myles Kirby had been appointed liquidator to MUT 103, the judge noted there might be an argument for appointing the same person as liquidator to MUT 116. But he said that the safer course, for the time being, was to appoint different provisional liquidators and that the matter could be revisited on the hearing of the winding-up petition if necessary.

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If you believe you have been mis-sold a financial product and suffered financial losses arising from negligent advice, please contact our Professional Negligence Team today at Coleman Legal to discuss if you have a potential legal action.


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Ciara Redmond

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