Kieran Wallace the liquidator appointed over Bloxhams has commenced an action in the High Court in which he argues that
the decision to revoke membership of the Irish Stock Exchange was not made for proper purposes.
He alleges that the Irish Stock Exchange intended to reduce its reserves and pay out the balance amongst its corporate members and by revoking Bloxham’s membership it allowed the remaining members have a bigger slice of the cake.
Lyndon McCann SC for the liquidator said that Bloxham was one of the oldest members of the Irish Stiock Exchange and had made a significant contribution the build-up of reserves from the time the ISE was established in 1995.