High Court refuses examiner for Zoe Group

High Court refuses examiner for Zoe Group

The High Court has refused to appoint an examiner to companies in the Liam Carroll-controlled Zoe Group.

Today at the High Court Mr Justice Frank Clarke rejected an application to appoint Mr Ray Jackson as examiner to the beleaguered property group.

The group which, has bank borrowings of €1.2bn, had previously told the court that it faces collapse if its second bid for examinership is unsuccessful.

Previously both the High Court and the Supreme Court had refused to appoint an examiner to the firms. However it was opposed by the Dutch-owned ACC bank, who are owed €136m by companies controlled by Mr Carroll.

The petition to have an examiner appointed to the firms was brought by Vantive Holdings which, with Jersey-registered Morston Investments Ltd, are the parent companies of around 50 companies known as Zoe Developments.

The other companies include Villeer Developments, Paytor Developments, Carragh Enterprises Ltd and Parlez International Ltd.

The firms have a very substantial portfolio of investment and development outlets and a seventh company Royceton.

Zoe was seeking the appointment of Mr Jackson, a retired partner of KPMG, as examiner.

If appointed he would have to come up with a scheme that would allow them to continue to trade as a going concern.

Any scheme would ultimately require the approval of the High Court before it could come into being.

The petition is being supported by AIB, Bank of Ireland and Bank of Scotland Ireland.

Other banking creditors such as Anglo Irish Bank and Ulster Bank have not objected to the petition.

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