Menu
11/09/2009
Zoe Group Denied Protection Of Courts
Developer Liam Carroll's Zoe group has failed to secure High Court protection against its circling creditors.
The High Court is expected to rule today on whether to agree an application by Dutch-owned ACC Bank to have a liquidator appointed to two Zoe group companies, following the disastrous decision against the Irish developer, Carroll, yesterday.
It is the second time the troubled group of companies has failed to win High Court protection from its creditors. ACC Bank is owed €136 million by the group.
This unprecedented second appeal for examinership status was opposed by Dutch-owned ACC Bank, who had earlier described the eleventh hour attempt at survival against multi-million euro debts as "aspirational".
Seven companies owned by the property developer were part of the high profile application for examinership before the High Court yesterday.
A ruling in his favour would have allowed Carroll time to hold back his debtors and stave off the decimation of the group, which is could result in the failure of the 51 company empire in the wider Zoe group.
The companies have debts of €1.2bn, but under a business plan submitted as part of its application, Carroll believed it could meet the debts over a three to five year period.
Part of the plan included the non-payment of interest for two years on its debts owed to eight banks.
The application was opposed by ACC Bank, which is owed €136m.
Zoe's original application was turned down by the Commercial Court and an appeal to the Supreme Court was also rejected.
(DW/GK)
The High Court is expected to rule today on whether to agree an application by Dutch-owned ACC Bank to have a liquidator appointed to two Zoe group companies, following the disastrous decision against the Irish developer, Carroll, yesterday.
It is the second time the troubled group of companies has failed to win High Court protection from its creditors. ACC Bank is owed €136 million by the group.
This unprecedented second appeal for examinership status was opposed by Dutch-owned ACC Bank, who had earlier described the eleventh hour attempt at survival against multi-million euro debts as "aspirational".
Seven companies owned by the property developer were part of the high profile application for examinership before the High Court yesterday.
A ruling in his favour would have allowed Carroll time to hold back his debtors and stave off the decimation of the group, which is could result in the failure of the 51 company empire in the wider Zoe group.
The companies have debts of €1.2bn, but under a business plan submitted as part of its application, Carroll believed it could meet the debts over a three to five year period.
Part of the plan included the non-payment of interest for two years on its debts owed to eight banks.
The application was opposed by ACC Bank, which is owed €136m.
Zoe's original application was turned down by the Commercial Court and an appeal to the Supreme Court was also rejected.
(DW/GK)
Related Irish News Stories
Click here for the latest headlines.
13 February 2019
Teaching Crisis Could See Children Being Sent Home From Schools
Children could be sent home from school due to a shortage of teachers, the Teachers Union of Ireland (TUI), has warned. Issuing the warning, TUI President Seamus Lahart, said that ongoing issue of pay disparity between teachers who qualified before 2010 has resulted in new graduates "voting with their feet and changing career".
Teaching Crisis Could See Children Being Sent Home From Schools
Children could be sent home from school due to a shortage of teachers, the Teachers Union of Ireland (TUI), has warned. Issuing the warning, TUI President Seamus Lahart, said that ongoing issue of pay disparity between teachers who qualified before 2010 has resulted in new graduates "voting with their feet and changing career".
29 May 2009
Ryanair Announce Win Over 'Scraping'
Ryanair have announced that a Hamburg court has upheld an earlier decision to grant Ryanair an injunction preventing 'scraping' of the Ryanair website.
Ryanair Announce Win Over 'Scraping'
Ryanair have announced that a Hamburg court has upheld an earlier decision to grant Ryanair an injunction preventing 'scraping' of the Ryanair website.
20 May 2009
Doctor's Evidence Given At Rape Trial
Medical evidence has been heard in court by a doctor who examined an elderly woman after an alleged rape. The jury at the Central Criminal Courts case against a Monaghan man accused of raping the 86-year-old pensioner in her home have been hearing details of her injuries after the incident.
Doctor's Evidence Given At Rape Trial
Medical evidence has been heard in court by a doctor who examined an elderly woman after an alleged rape. The jury at the Central Criminal Courts case against a Monaghan man accused of raping the 86-year-old pensioner in her home have been hearing details of her injuries after the incident.
06 February 2008
News Brief
White Bid For Presidency Senator Mary White today announced her bid for the Irish presidency in 2011. A member of Fianna Fáil since 1983, she will be seeking the nomination from the Fianna Fáil parliamentary party.
News Brief
White Bid For Presidency Senator Mary White today announced her bid for the Irish presidency in 2011. A member of Fianna Fáil since 1983, she will be seeking the nomination from the Fianna Fáil parliamentary party.
20 May 2013
Courts To Hold September Sessions To Tackle Backlog
Extra sessions are to be held in the State’s highest courts in an effort to clear a backlog of cases, the Irish Independent has reported. The Supreme Court and the Court of Criminal Appeal will hold sessions during September for the first time ever.
Courts To Hold September Sessions To Tackle Backlog
Extra sessions are to be held in the State’s highest courts in an effort to clear a backlog of cases, the Irish Independent has reported. The Supreme Court and the Court of Criminal Appeal will hold sessions during September for the first time ever.
-
Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
