Wednesday 20 September 2017

Supreme Court issues last rites to Zoe Group

Dearbhail McDonald Legal Editor

DEVELOPER Liam Carroll's Zoe Group has finally gone into liquidation following a three-month battle to secure protection from creditors.

Construction workers, architects and other businesses that relied on the Zoe Group were last night braced for the "domino effect" on their own futures.

It is not known what consequences Zoe's demise will have on Mr Carroll's wider empire including companies Dunloe and Orthanc whose combined liabilities bring overall estimate debts to over €3bn.

The Supreme Court yesterday issued the last rites to the group when it lifted a stay on an earlier High Court order preventing the winding up of Mr Carroll's flagship parent companies Vantive Holdings and Jersey registered Morston Investments. Vantive and Morston were key funding companies which lent down sums exceeding €1.3bn to his 51-strong property group.

Giving reasons for restraining Mr Carroll's companies from pursuing a second bid for court protection, Chief Justice Mr John Murray said the companies had to bear the consequences of Mr Carroll's "conscious and deliberate strategic" decision, in "the teeth of legal advice", to withhold crucial information from the court when first seeking protection in mid July.

Zoe launched a second bid for court protection last August as Mr Carroll was hospitalised. Yesterday the Supreme Court dismissed medical evidence tendered to the court to support claims that Mr Carroll's decision making capacity was affected by ill health .

Irish Independent

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