Pity the poor partners at Bloxham - they may be liable for €4m each

It's one thing to lose your job. It's another thing to lose your job and have to pay up many millions of euros in liabilities.

This is what the Sunday Times reports is coming to pass at Bloxham. Collectively, it says the defunct stockbroker's seven partners owe up to €30m as a result of loans dating back to 2007 when they bought out Bloxham's equity partners. The Sunday Times says each of the partners holds a share in Bloxham through unlimited companies, giving them unlimited exposure to any liabilities. The ultimate amount owed by each partners will depend upon the success of their attempt to sue Morgan Stanley over so-called Saturn Bonds provided by the bank which Bloxham sold to clients in 2005, only for them to subsequently fall in value by 97%.

Bloxham's seven partners are listed here. They are:

Pramit Ghose: Managing Partner – Asset Management. Joined in 2002

Niall Tinney: Partner – Asset Management. Joined in 2003

Paddy Finnegan: Partner – Head of Private Clients. Joined in 2007

Peter Costigan:  Partner – Head of Institutional Bonds. Joined in 1993

Patrick Dempsey: Partner – Head of Institutional Equities. Joined in 2006.

Raymond Deasy: Partner – Institutional Equities. Partner since 1992.

Tadhg Gunnell: Partner – Finance & Compliance. Joined in 2000.