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High Court Grants Wind up Order for Property Investment Firm
Coleman Legal LLP
March 11, 2021
MUT 103 is a Special Purpose Vehicle (SPV) of Dolphin Trust now operating as the German Property Group (GPG).

Mr. Justice Brian O’ Moore has granted a petition to wind up MUT 103. MUT 103 is a Special Purpose Vehicle (SPV) of Dolphin Trust, now operating as the German Property Group (GPG), the former property investment group. 


Ms. Dineen is owed €135,890, including €8,890 in interest, petitioned the High Court to wind up MUT 103, with offices at Naas Co. Kildare, a special purpose vehicle linked Dolphin Trust and fund administrators Wealth Options Trustees Limited.

Mr. Justice O’ Moore held that based on the evidence before the court that MUT 103 was “plainly insolvent” and there remains €107 million outstanding to Irish investors in Dolphin Trust (German Property Group).

In his decision, O’Moore J took into account the fact that in July 2019, investors had been reassured by Wealth Options Trustees Ltd (WOTL) that the sums advanced by MUT 103 had been fully secured, but an options paper had been circulated, by Dentons Europe LLP, counsel for the WOTL, five days prior described “a much more insecure position”

MUT 103 Ltd had unsuccessfully sought for the petition to be dismissed, adjourned, or stayed on the basis of what the company claimed was a very complicated process and they expressed an intention to commence creditor meetings with Irish loan note holders to assess future options.

Mr. Justice O’ Moore stated in his judgment that there was “no credible basis” to dismiss the petition. He further stated there that there had been no suggestion that by appointing a liquidator, investors would be disadvantaged in dealings with the German insolvency administrator.

MR Justice O’ Moore also raised concerns regarding the alleged securities obtained by the company and outlined that any attempt to rely on and call in said securities ‘may not be plain sailing’.

This will certainly be of considerable concern to all of the investors of MUT 103 as they have been guaranteed from the outset by MUT 103 ltd and fund administrators Wealth Options Limited that their investment was secured as a first legal charge on the property they had purchased a loan note for.

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Clodagh Magennis

Clodagh Magennis

Head of Client Services

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