The Commercial Court today adjourned a hearing into an application by property developer Liam Carroll to appoint an examiner to six of his companies in the Zoe Group.
Mr Carroll, one of the country’s largest developers, secured the protection of the court for the group earlier this month to prevent the collapse of his wider development business.
Mr Carroll sought court protection after ACCBank threatened to topple his business by liquidating significant trading companies across his group in a bid to recover unpaid loans of €131 million.
The group’s debts total €1.35 billion, which includes €1.273 billion owing on bank loans and €24.7 million on bank overdrafts and current accounts. Trade creditors are owed €30 million, while other creditors are owed €22.5 million.
The hearing was adjourned until tomorrow morning at 11.00am.