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Mon 07 Jul 2009Fallout from Zoe collapse poses problems for Nama
BUSINESS OPINION:AND SO it begins. The unthinkable has happened. A significant part of the empire of one of the States’s biggest property developers has collapsed into insolvency. It was suitably dramatic, with lawyers rushing into the High Court late on Friday to seek protection from creditors pending the appointment of an examiner.
And the reason? It’s not that the Zoe Group – as this collection of six Liam Carroll companies is called – is insolvent all of a sudden. It has probably been insolvent for months if not years, but was kept on life support by its banks who have rolled up interest and not sought capital repayments on bank loans totalling €1.1 billion.
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