A Flawed Plan, Doomed to Fail ; Judge Gives a Withering Appraisal of Zoe Group's Survival Proposals As Carroll's Hope for Court Aid Collapse [Eire Region]
Daily Mail › September 12, 2009
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Summary
JUSTICE Frank Clarke said the survival prospects for tycoon Liam Carroll's property empire were at the 'further ends of optimism', in a damning 89-page judgment handed down yesterday.
Speaking at the High Court, the judge outlined his reasons for denying Mr Carroll's Zoe Group court protection from ACC bank, which is trying to recover loans of e136million.See the full content of this document
Extract
A Flawed Plan, Doomed to Fail ; Judge Gives a Withering Appraisal of Zoe Group's Survival Proposals As Carroll's Hope for Court Aid Collapse [Eire Region]
Judge Clarke explained that the group of seven companies did not have a 'reasonable prospect of survival' - the statutory test for examinership.
The group owes around e1.2billion to the seven banks - AIB, BOI, Bank of Scotland Ireland, ACC, KBC, Anglo Irish Bank and Ulster Bank.A 'significant flaw in the business plan' was the key reason for his decision. In the survival pl...See the full content of this document
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