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20/08/2009
Illness 'Impaired' Liam Carroll, Court Hears
Property developer Liam Carroll's battle to secure protection for seven companies in his Zoe development group has returned to the High Court.
The court accepted the petition at a hearing last Friday.
Seven companies, including Vantive Holdings and Morston Investments, are petitioning for the appointment of an examiner to be allowed to go to a full hearing.
Last week, an appeal by six of the companies against a High Court decision not to appoint an examiner was rejected by the Supreme Court.
A seventh company, Royceton, has joined the other companies in the latest bid.
The ACC Bank is looking to wind up the companies over unpaid loans worth more than €136 million.
Last week, they secured the appointment of a receiver to four of the firms and a liquidator to two of the companies.
At the hearing today, the court heard that Mr Carroll's decision-making abilities were "impaired" due to stress, when he originally sought protection for the companies.
Counsel for the companies, Michael Cush said that this was the reason why the court did not receive a business plan and valuations aimed at saving the companies.
Mr Cush told the court that Mr Carroll, who is now in hospital, had not included the plan in the original application, in spite of legal advice.
The new application, including the business plan, was now proceeding because of a resolution based by the other two directors of the companies, he said.
(KMcA/BMcc)
The court accepted the petition at a hearing last Friday.
Seven companies, including Vantive Holdings and Morston Investments, are petitioning for the appointment of an examiner to be allowed to go to a full hearing.
Last week, an appeal by six of the companies against a High Court decision not to appoint an examiner was rejected by the Supreme Court.
A seventh company, Royceton, has joined the other companies in the latest bid.
The ACC Bank is looking to wind up the companies over unpaid loans worth more than €136 million.
Last week, they secured the appointment of a receiver to four of the firms and a liquidator to two of the companies.
At the hearing today, the court heard that Mr Carroll's decision-making abilities were "impaired" due to stress, when he originally sought protection for the companies.
Counsel for the companies, Michael Cush said that this was the reason why the court did not receive a business plan and valuations aimed at saving the companies.
Mr Cush told the court that Mr Carroll, who is now in hospital, had not included the plan in the original application, in spite of legal advice.
The new application, including the business plan, was now proceeding because of a resolution based by the other two directors of the companies, he said.
(KMcA/BMcc)
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