RTÉ News: Liquidator appointed to two Carroll firms
The Supreme Court has lifted a stay on winding up orders against two of the main companies in the Zoe Group.
The decision means an official liquidator has now been appointed to Vantive Holdings and Morston Investments.
About time too!
One of the moderators on here really wrecks my head with his/her power mad ego
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I see that the commercial court now has a backlog of applications.
What imprtance has this now for other developers in debt?Originally Posted by Sync
There was so much talking about this case. Finally the courts have decided as most felt they should. Now what follows from it?
Not much for other developers. The key here basically is that ACC have decided they want out of Ireland, and they're calling in their due debts. So if you owe them 100 million they want it back. If you owe AIB 100 million they're likely to leave you alone knowing that NAMA is going to purchase some of the loans.
What would be different without NAMA looming?
Well it's hypothetical, but probably not a lot imo. AIB (just using them as an example) have more to gain by staying in the game and hoping Carroll etc recover than by chasing them through the courts. It helps that they as long as the loan is outstanding they don't have to write of the drop in property prices as losses. Without NAMA though it would basically turn into a zombie bank. Afraid to chase the debts, but unable to issue new loans. We'll see if NAMA prevents that.
ACC have different options, and have simply decided to cash in and leave, which is their right.
Hi sync, remember BOSI have also appointed receivers, they are owed 300m. I started a thread on that in the economy forum recently.
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