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Two Liam Carroll firms go into voluntary liquidation


Liam Carroll awas sued by NAMA in 2012

Liam Carroll awas sued by NAMA in 2012

Liam Carroll awas sued by NAMA in 2012

The Zoe and Danninger companies that were the lynchpin of failed developer Liam Carroll's empire have gone into voluntary liquidation.

They were once among the biggest home-building companies in the country but now they're set to vanish from the landscape entirely.

Long-time company directors John Pope and David Torpey presided over an ordinary resolution at both firms last month that called it a day for the two businesses.

The resolutions - proposed by Mr Pope and seconded by Mr Torpey, were put to meetings of both companies last week held at the Grand Canal Hotel in Dublin.

They simply stated: "That it having been proved to the satisfaction of the meeting that the company cannot, by reason of its liabilities, continue its business and that it is advisable to wind up same and that accordingly, the company be, and is hereby wound up voluntarily."

Michael Butler of insolvency practice Butler & Co has taken on the role of corporate undertaker for Zoe and Danninger.

In 2010, AIB secured the appointment of a receiver over a number of firms in Mr Carroll's insolvent Zoe group, including Danninger. The now state-owned bank had handed out €550m in loans to five companies that had been controlled by Mr Carroll.

David Carson of accounting firm Deloitte & Touche has been acting as receiver over Danninger. A recent receiver's report for Danninger showed that the company generated rental receipts of €2.1m between July last year and the end of last January. It also received just under €400,000 in funding from Nama during that period.

That report also showed that nearly €2.2m was paid to a charge holder in the period, and a further €662,000 in interest payments were made to a debenture holder.

In 2012, NAMA appointed a 'super receiver' to Mr Carroll's firms after a raft of receivers had been appointed over the previous 18 months by a number of banks to various firms belonging to the developer.

During the summer, the Irish Independent revealed that in an ironic twist, the former HQ of his Zoe Group is to be turned into a block of flats.

Mr Carroll was the first mass-builder of flats in Dublin during the 90s. They were commonly called 'shoebox apartments' because of their small size and most basic design.

His group was later responsible for the landmark development at the Gasworks site in Dublin.

Mr Carroll and his wife Roisin were sued by NAMA in 2012.

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