Carroll in last-ditch bid to save property empire

[Eye of Angkor]

This is a complete disaster for Ireland.

The arrogance and deception of Carroll and his advisors knows no limits.

The Supreme Court was asked to deal with a rescue plan. It (rightly) said there was no evidence to support it.

The High Court is now being told the opposite.

If Mr. Justice Kelly or other judges dealing with Commercial Court matters were told these lies they would have thrown them out of court.

What Carroll is doing is (presumably, its not always the case) paying lawyers to delay the evil day. It is obvious that they are abusing the fact that the High Court is on vacation.

Why de Valera J. did not have the sense to kick for touch (until someone with some idea of what they are about) is beyond me.

Unless the whip is cracked (i.e. this latest attempted fraud is quickly dismissed), any external investor (Canadian Banks take note) should give this place a wide berth!

[Ecoguy]

Theres defiantly something odd/funny about this latest monumental development, alot of it taking place behind the scenes I suspect to keep the populous in the dark.

[Eye of Angkor]

so, based on the above why did DeValera allow their application?

Also, how were they able to enter the High Court at 9:30 pm on a Friday Night?


De Valera a filthy name that continues to DESTROY this nation

De Valera J was only doing his job.


What is revealing is that this application was made on a Friday night.


The applicants knew he was sitting as duty judge this week. I wonder who si sitting as duty judge next week.

The cynical taking advantage of the system should shame each and every one of those involved, including the named members of Mr. Carrolls's legal team.

[flavirostris]

All of Carroll's major creditors - AIB, Bank of Scotland etc are trying to rescue him as well. I think he is into AIB for 40% of the 1.2 billion and 25% in the case of Bank of Scotland. BOI has about 10%. It is only ACC that is pushing for liquidation ( for the recovery of 136 million )and significantly they are Dutch-owned. What Justice Kelly said really does have resonance i.e when you are into the banks for a small amount, you have a big problem but when you are into the banks for a large amount, it is they who have the problem.

Mr Cush told Mr Justice de Valera that the companies were providing two pieces of evidence in support of the application. This included letters of support from lenders to the Zoe development group with the exception of ACC.

AIB, Bank of Scotland (Ireland), KBC Bank Ireland and Bank of Ireland were supportive of the application. State-owned Anglo Irish Bank also had no objection and would advance companies €8 million for the development at North Wall in Dublin, the court heard

[PrinceMax]

This may seem like a very silly question and perhaps it is, but why does Carroll care so much about saving his business? Surely he has enough money himself, separate of his development companies. And, as they are limited liability companies, surely he can't be chased for that. Fair enough if he thought if he could weather the storm, return the companies to profitability and make even more money for himself, but surely he doesn't even believe this can happen. Would it not be better for him to let it collapse and get back into business sometime in the future?

[Ecoguy]

This may seem like a very silly question and perhaps it is, but why does Carroll care so much about saving his business? Surely he has enough money himself, separate of his development companies. And, as they are limited liability companies, surely he can't be chased for that. Fair enough if he thought if he could weather the storm, return the companies to profitability and make even more money for himself, but surely he doesn't even believe this can happen. Would it not be better for him to let it collapse and get back into business sometime in the future?

Indeed - Its more in the banks and their friends in government interest now that this thing is seen through to the bitter end

[Clanrickard]

Lawyers for ACC described this as vexatious. The Supreme Court could give the whole shooting gallery a good tongue lashing for wasting court time.

[greengoose2]

Lawyers for ACC described this as vexatious. The Supreme Court could give the whole shooting gallery a good tongue lashing for wasting court time.

It's all here now!

Who is going to pay for these court sittings and how many more will we have to suffer before Carroll gets his way (like Beverly and Co.) and the taxpayer gets finally screwed?

The information is dripping slowly, like good whiskey droplets from the still. When this latest caper is upturned there will be more, believe me. There was mention of Carroll's illness as part of the court proceedings but no mention of the nature of same.

Entering court just before 9.30pm, Michael Cush SC for the companies said that Mr Carroll has been hospitalised and was not in a position to give instructions in this application.

At least the last scoundrel to try this one on was suffering from a mild 24 bout of swine flu...

So now we will wait until Thursday next for the next instalment of the new soap opera "Only in Ireland" with it's all star cast!

Mr Justice Eamon de Valera permitted the presentation of a petition to appoint an examiner next Thursday which, if successful, will give the companies breathing space to organise their long-term survival.

[anlkestony]

Disgraceful. They will now presumably produce figures and a business plan which will met the proofs that they would have required last time. They will have used the rulings to their advantage. Unbelievable that they can get another go after rejection by the Supreme Court.

Any ordinary joe soap would be told to fluck off

[Clanrickard]

In the report in the IT there is this line "The second item of new evidence was detailed valuation reports from estate agents CBRE and Hooke & MacDonald on the future prospects for the properties." Why was this not produced at the first hearing?

The photo in the IT of the Zoe directors looks like a bunch of Mafia heads going to a meeting. Unintentional I'm sure.