Court refuses to protect Carroll’s empire

FRESH shock waves ripped through Ireland’s beleaguered property sector last night as one of the country’s largest developers was refused protection in the High Court.

Reclusive billionaire Liam Carroll failed to have an examiner appointed to six of his companies as Judge Peter Kelly delivered a damning verdict on proposed survival plans as “fanciful” and “lacking in reality”.

The decision came as Taoiseach Brian Cowen moved to insist the looming National Assets Management Agency (NAMA) was not a €90 billion “gamble”.