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Article: Supreme court ends protection of Zoe companies
- Article from:
- The Irish Times
- Article date:
- August 12, 2009
- Author:
CopyrightCopyright 2009 The Irish Times. Provided by ProQuest LLC. (Hide copyright information)
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JUDGMENT: THE SUPREME Court has ended court protection for key
companies on whom the survival of the entire Zoe building group
depends after they failed to produce any evidence to support their
claim they could reasonably survive as a going concern.
Without court protection, the six companies, insolvent with bank
borrowings of more than [euro]1 billion, cannot survive in current
market circumstances with the property market going through a "grave
recession", the Chief Justice, Mr Justice John Murray, noted.
However, the court could not grant protection where the companies
had failed to show their strategy for a future orderly disposal of
property assets over the next 30 months was either ...