Liam Carroll
Encyclopedia
Liam Carroll is a property developer in Ireland
whose Zoe Developments group became well known during the Celtic Tiger
years of 1990s and 2000s for residential and commercial property construction projects. Carroll is known in business circles for his legendary thriftiness and is considered a deeply private man who never gives interviews. His wealth was estimated for a time to be in excess of €1 Billion. He later became one of Ireland's leading corporate raiders and held large stakes in many public companies for a time (Irish Continental Group, Greencore, FBD Holdings, Jurys Doyle & McInerney Holdings)
In 2000, he started building a stake in listed property developer Dunloe - Ewart. In 2002 he completed his takeover of the company through his investment vehicle Rambridge Ltd for €196.5 million.
Zoe group companies became unable to repay bank borrowings of a reported €1.3bn and in summer 2009 requested Examinership
as protection from creditors, particularly ACCBank
who were the first to seek liquidation of some of his companies. Following a series of cases, this was rejected by both the High Court and the Supreme Court of Ireland with the rescue plan described by a judge as bordering, if not trespassing on the fanciful and the appointment of liquidators to group companies was confirmed by the courts on 14th October 2009.
Caroll also controls two other large development groups - Dunloe and Orthanc. Orthanc is insolvent while Dunloe is managing to service most of its debts. His total liabilities are estimated to be €2.8 Billion
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
whose Zoe Developments group became well known during the Celtic Tiger
Celtic Tiger
Celtic Tiger is a term used to describe the economy of Ireland during a period of rapid economic growth between 1995 and 2007. The expansion underwent a dramatic reversal from 2008, with GDP contracting by 14% and unemployment levels rising to 14% by 2010...
years of 1990s and 2000s for residential and commercial property construction projects. Carroll is known in business circles for his legendary thriftiness and is considered a deeply private man who never gives interviews. His wealth was estimated for a time to be in excess of €1 Billion. He later became one of Ireland's leading corporate raiders and held large stakes in many public companies for a time (Irish Continental Group, Greencore, FBD Holdings, Jurys Doyle & McInerney Holdings)
In 2000, he started building a stake in listed property developer Dunloe - Ewart. In 2002 he completed his takeover of the company through his investment vehicle Rambridge Ltd for €196.5 million.
Zoe group companies became unable to repay bank borrowings of a reported €1.3bn and in summer 2009 requested Examinership
Examinership
Examinership is a process in Irish law whereby the protection of the Court is obtained to assist the survival of a company. It allows a company to restructure with the approval of the High Court....
as protection from creditors, particularly ACCBank
ACCBank
ACCBank plc is a commercial bank in Ireland that focuses on agriculture and SME lending. The bank has its origins in the Agricultural Credit Corporation set up in 1927 in the Irish Free State to finance agriculture, the bank was successful and lead to the creation of the Industrial Credit Company...
who were the first to seek liquidation of some of his companies. Following a series of cases, this was rejected by both the High Court and the Supreme Court of Ireland with the rescue plan described by a judge as bordering, if not trespassing on the fanciful and the appointment of liquidators to group companies was confirmed by the courts on 14th October 2009.
Caroll also controls two other large development groups - Dunloe and Orthanc. Orthanc is insolvent while Dunloe is managing to service most of its debts. His total liabilities are estimated to be €2.8 Billion