AIB seeks €550m in debts from Carroll
ALLIED Irish Banks has started court action in a bid to recover more than €550m in unpaid loans and interest from companies in developer Liam Carroll's troubled Zoe Developments group.
AIB is seeking orders for the sale of a large number of commercial and residential property developments in Dublin and elsewhere.
Pending sale, the bank is also seeking orders appointing a receiver over the properties, which include developments at Barrow Street in Dublin, Charlotte Quay and Islandbridge.
Because of the poor state of the Irish property market, any receiver is most likely to continue to rent the affected properties.
It is claimed the companies have defaulted on repayments of the sums due despite demands from the bank.
The bank demanded repayment of the loans last October after other key companies in the Zoe group were refused court protection.
Lawyers for AIB are expected to apply to Mr Justice Peter Kelly at the Commercial Court on Monday to enter the proceedings against the five Zoe companies -- Dainninger, Eppo Developments, Fabrizia Developments, Oze Construction and North Quay Investments Ltd.