“either presented in a very poor way or is just plain wrong”

The Irish High Court has adjourned for a short break before the expected ruling on the Liam Carroll controlled Zoe Group’s second attempt at securing court protection. Apparently Mr Justice Clarke wanted to allow the group a chance to explain its financial position.. Again. From the current RTÉ report

This follows detailed questioning by Mr Justice Frank Clarke on aspects of Zoe’s business plan, which he said was ‘either presented in a very poor way or is just plain wrong’. Mr Justice Clarke went on to say that he was struggling to carry out an objective analysis as laid out by the Chief Justice.

Adds Updated RTÉ report

The High Court has refused an application for examinership by seven companies controlled by developer Liam Carroll.

More From the RTÉ report

Posing in-depth questions, Mr Justice Clarke said the accounts were ‘either presented in a very poor way or just plain wrong’.

He said he took a ‘very serious view’ of how the company presented its income figures, adding that there were ‘many inaccuracies in the material.’

He said he had intended delivering a written judgment but was unable to deliver it because of the additional clarifications made by Zoe today.

However, Mr Justice Clarke said the clarifications had not influenced his view but had in fact strengthened it.

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  • Dave

    Brian Lenehan’s response to this judgement was that it showed why NAMA was needed.

    I don’t know what form of logic he used to arrive at that conclusion but I’ll wager that it runs along the lines of ‘Court declares the survival plan of one of the country’s strongest property developers to be verging on fraudulent invention. 1500 property developers are in a worse position. Thank jazus we can transfer their debts to the taxpayer because if we couldn’t they’d all be bankrupt.’

    This is hearsay (but I believe the source). There is a *property developer* who approached a senior government minister and told him bluntly that if he wasn’t bailed out that “I’ll lose my money but you’ll lose your freedom.”

  • borderline

    A believeable story Dave.

    This court action is being pursued by the Dutch.

    Apparently, they don’t get the plot – that Paddy picks up the tab for the soft landing. They don’t get what the ‘longterm economic value’ is – which is a Celtic mixture of hope, chance, two nods, three winks all in a brown paper envelope sealed with Tiger shit.

    That’s the trouble with the Dutch. They keep doing the logical stuff.

    Paddy Property has no clothes.