The High Court today appointed a provisional liquidator to two companies in the Liam Carroll-controlled Zoe group.
Mr Justice Iarfhlaith O'Neill said he was satisfied to appoint Mr Declan Taite of FGS Partnership to Vantive Holdings which, with Jersey-registered Morston Investments Ltd, are the parent companies of around 50 companies known as Zoe Developments, after being informed that the companies are insolvent and unable to pay their debts.
The petition to have a liquidator appointed was brought by ACC bank, which the court heard is owed more than €130m by the companies on foot of loans it advanced in 2007.
Mr Rossa Fanning BL, for ACC, told the court that the companies were “grossly insolvent” and unable to pay its debts. He said any hope of examinership for these firms has passed.
Counsel said that the application to have a liquidator appointed comes after yesterday's Supreme Court ruling to uphold a decision made last month by Mr Justice Peter Kelly refusing to appoint an examiner to the Zoe group, which has total bank borrowings of €1.1bn.