Zoe survival plan “at the further ends of optimism”

After refusing the application for receivership by 7 companies in Liam Carroll’s Zoe Group on Thursday, on Friday Mr Justice Clarke postponed making the winding up orders requested by Dutch bank ACC until Monday at 2pm. Just in case they wanted yet another bite of the cherry with another appeal.. Although the Irish Times reports that “Sources with inside knowledge of Zoe’s position said there was little appetite for appeal given the judge’s forensic rejection of its survival plan in his 72-page ruling.” Which just leaves the question of why so many of the banks were supportive, and apparently prepared to lend even more money to the group, on the basis of that “significantly improbable” survival plan? Is it all about NAMA? At IrishEconomy.ie Karl Whelan, again, questions its ‘credit flow’ supporters.

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