Construction News

11/08/2009

Developer Carroll States Case

Property mogul Liam Carroll will today ask the Irish Supreme Court to protect his development firm from a multi million Euro repayment.

His legal team will request a full appeal to put Zoe Development into examinership.

Mr Carroll hopes such a move will protects the firm from ACC Bank's demands for a €136m loan, which is owing.

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Today Zoe Developments' representation will argue the High Court made an error when refusing its examinership application last month.

Through granting the application, Zoe Developments would be allowed time to formulate a payment plan to reimburse its creditor, clearing a debt of €1.2bn.

Mr Carroll last year secured a moratorium for Zoe from paying the money it owes to its major banking lenders.

However, ACC Bank rejected the plan. Its action to recover the money owed to it triggered Zoe's application for examinership.

(PR/BMcc)

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