High Court Grants Wind up Order for Property Investment Firm-Dolphin Trust (German Property Group)

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 he 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 which 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 judgement 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 form 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.

Recent News & Press Release 

New Update (10.03.2021)

  • Coleman Legal note that decision of O’Moore J this morning regarding the appointment of Myles Kirby of Kirby Healy Chartered Accountants as liquidator of MUT 103 limited. Coleman Legal act for a large number of clients who were directed to MUT 103 ltd and MUT 116 ltd by Irish brokers and guaranteed a first legal charge on the property they had invested in. Coleman Legal are instructed to serve proceedings on all parties who are culpable in directing investors towards the now failed German Property Group (GPG) and seek redress for the loss of their investment and income.
  • From instructions received to date, there are concerns over the extent of assets within the company to such a degree that the company did not seem fit for purpose. Coleman Legal continue to be contacted by ‘Dolphin Trust’ investors daily and have continued to be shocked by the individual stories regarding the actions of Irish Brokers. The Administrator of the funds ‘Wealth Options Trustees Limited’ also have serious questions to answer.

If you have invested in ‘Dolphin Trust’ please contact Keith Rolls of Coleman Legal keith@colemanlegal.ie

Dolpin Trust Court Hearing – Important Update (01.03.2021)

  • Kathleen Dineen originally petitioned the High Court to wind up the company, MUT 103 Limited, on 18 December 2020. Kathleen Dineen is an investor in Dolphin Trust via special purposes vehicle company M.U.T. 103 Limited.
  • Mr Justice O’Moore heard from both sides this afternoon, Monday 1 March 2021. Ms Dineen’s legal team were asking the Court for an order to wind up the company without further delay. Counsel for M.U.T. 103 Limited asked the Court to adjourn the petition to allow time for the Directors of M.U.T. 103 Limited to make contact with the investors to advise them of their options.

Judgment stood reserved until Wednesday, 10 March 2021 and we will update our clients again thereafter. If you have invested in Dolphin Trust and have yet to receive your promised returns, please contact our legal team for advice. 

Free Phone: 1800 844 104
84 Talbot Street, Dublin 1



Dolphin Trust Pyramid Scheme

Dolphin Trust/German Property Group(GPG) entered bankruptcy proceedings in 2020. Mr. Gerrit Hozle, the preliminary insolvency administrator appointed after Dolphin Trusts petition for bankruptcy, has outlined in his report prepared for the Bremen district court, that the business model of the German Property group had ‘collapsed years ago’ and that large sums of figures, received from Irish investors, had been funneled to family members of Mr. Charles Smethurst, founder of Dolphin Trust.

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How We Can Help ?

Coleman Legal is currently assisting investors involved in this investment scheme to explore their legal options. Our dedicated team has extensive experience in claims relating to professional negligence across a range of industries and we are ready to advise and assist you with your case.

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.


Senior Solicitor
(Coleman Legal-South)



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Ciara Redmond

Senior Solicitor
(Professional Negligence)



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