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31/07/2009
Developer Loses Court Bid To Appoint Examiner
Six companies controlled by the well known property developer Liam Carroll, will not be appointed an examiner, a court has decided.
At the Commercial Court this afternoon, Mr Justice Peter Kelly said he was refusing the application on the basis that he was not convinced that the companies had proven that they met the legal test of having a reasonable prospect of survival.
Mr Carroll's lawyer said he may appeal today's decision.
The companies, under Mr Carrolls umbrella group Zoe Developments, were seeking the court's protection after the ACC bank began proceedings to have the companies wound up over €136m of unpaid debts.
Mr Carrols group reportedly owes eight banks approximately €1.27 billion.
The judge said the proposed scheme includes "pouring" money into developments over the next three years when the office space market was already "grossly oversupplied" and the residential market was "flat as a pancake" and showing no sign of revival.
AIB and Bank of Scotland Ireland are the largest lenders to Zoe Development companies with 40 and 23.8% of the €1.2 billion borrowings respectively.
(DW/BMcC)
At the Commercial Court this afternoon, Mr Justice Peter Kelly said he was refusing the application on the basis that he was not convinced that the companies had proven that they met the legal test of having a reasonable prospect of survival.
Mr Carroll's lawyer said he may appeal today's decision.
The companies, under Mr Carrolls umbrella group Zoe Developments, were seeking the court's protection after the ACC bank began proceedings to have the companies wound up over €136m of unpaid debts.
Mr Carrols group reportedly owes eight banks approximately €1.27 billion.
The judge said the proposed scheme includes "pouring" money into developments over the next three years when the office space market was already "grossly oversupplied" and the residential market was "flat as a pancake" and showing no sign of revival.
AIB and Bank of Scotland Ireland are the largest lenders to Zoe Development companies with 40 and 23.8% of the €1.2 billion borrowings respectively.
(DW/BMcC)
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