Carroll judgment threatens property market

THE Supreme Court’s refusal to allow six of Liam Carroll’s companies to be placed into examinership could lead to a ‘fire sale’ of the developer’s property which could in turn threaten the future of NAMA.

The court refusal to give Mr Carroll breathing space from his creditors has left Mr Carroll’s business empire on the brink of collapse.

But a fire sale to recover the €136 million owed to ACC, the bank which brought the legal action, would seriously impact on the size of the discount which the Government’s ‘bad bank’ would offer to financial institutions to remove bad debts from their balance sheets as it would set a benchmark for the level of discount considered fair value by taxpayers.