METRO FREE Friday, September 11, 2009 By SARAH STACK Carroll faces ruin with 1bn debtsOne of Irelands biggest prop- erty developers was facing fi- nancial ruin last night after los- ing a last-ditch bid to save his business empire from more than 1billion in debt. Liam Carroll, head of the Jersey- based Zoe Group, was refused a final legal lifeline to find a way to repay 1.2billion. The embattled developer had sought the protection of Dublins High Court. But Mr Justice Frank Clarke dismissed the plea for examinership, which will threaten Mr Carrolls entire property and development portfolio. Only one bank had opposed examin- ership. Dutch-based ACC had applied to have the firms wound up to recoup 136million in loans. Fine Gael enterprise spokesman Leo Varadkar said ACCs action raises questions about how the Government and nama will deal with smaller banks that are part of lending consortia to troubled developers. Six of the seven banks that have lent about 1billion to his companies, including the State- owned Anglo Irish Bank, were willing to roll over his interest payments and give him more time, he added. After picking holes in an independ- ent accountants report, Mr Justice Clarke refused the application to ap- point an examiner to seven key Zoe companies, on whose survival the en- tire 51-company group depended. He stressed he had made up his mind ear- lier but said inaccuracies in the mate- rial given to him had strengthened his ruling. It seems to me this material is presented in a poor way... or it is plain wrong, said the judge. Mr Justice Clarke also criticised how a submitted survival plan claimed the company could meet monthly re- payments but, after tough question- ing, the lawyers admitted it had taken into account dividends from leases which had not yet been entered into. Once king of Dublins apartment boom, publicity-shy Mr Carroll ran a string of development companies which changed the capitals skyline with shoebox-style flat complexes. Mr Carroll was also a big name on the stock exchange, with stakes in food group Greencore and Irish Con- tinental owner of Irish Ferries. His property empire and bank bal- ance continued to grow until the mar- ket began to crash in early 2007. WHERES THE CONDUCTOR? RT National Symphony Orchestra members Sinad Farrell (flute) Adrian Wilson (oboe) Bethan Watkeys (French horn) and Timothy Kirwan (violin) gave a surprise concert in Connolly Station yesterday to prepare for the opening of the 2009- 2010 season tonight at the National Concert Hall. The season features 33 concerts with 75 guest soloists and conductors on Fridays from September to May in the National Concert Hall Picture: Photocall HELP METRO HELP THE ENVIRONMENT. RECyCLE THIS NEWSPAPER TODAy High Court throws out last-ditch attempt for examinership index.html2.html3.html4.html5.html6.html7.html8.html9.html10.html11.html12.html13.html14.html15.html16.html17.html18.html19.html20.html21.html22.html23.html24.html25.html26.html27.html