Construction News

12/08/2009

Court Appoints Provisional Liquidator To Carroll Firms

A provisional liquidator has been appointed to two firms owned by developer Liam Carroll's Zoe group.

The decision to appoint Declan Taite of FGS Partnership was made by High Court judge Mr Justice Iarfhlaith O'Neill today.

Mr Taite will now oversee Vantive Holdings and Jersey-registered Morston Investments Ltd.

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The court was told that the companies are insolvent and unable to pay their debts.

ACC bank petitioned for liquidators to be appointed so it could recoup some of the fund loaned to Zoe Developments.

The group owes more than €130m, as a result of loans agreed with the bank in 2007.

Rossa Fanning BL, representing ACC, told the court that the firms were "grossly insolvent" and unable to pay its debts.

He said they have nowhere to go besides insolvency.

A decision to stop the firms from going into examinership was upheld by the court, meaning any possible protection was lost.

(PR/BMcc)

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