DUTCH-OWNED ACCBank is set to proceed today with an application to have a liquidator appointed to two Zoe group companies after Zoe failed for a second time to win High Court protection from its creditors.

Mr Justice Frank Clarke said in the High Court yesterday that he would not appoint an examiner to the Liam Carroll-controlled group, one of the Republic’s biggest property developers. Such a move would have given Zoe protection from its creditors for up to 100 days while the examiner put together a rescue plan for the insolvent business.

Justice Clarke said he would not make any formal order until this afternoon, when he will also outline his reasons for ruling against Zoe’s second bid for High Court protection.

After the judge said he would be ruling against the group, Rossa Fanning, for ACCBank, said he would be applying today to have a liquidator appointed to two of the petitioning companies, Vantive Holdings and Jersey-registered Morston Investments, which provide funding loans within the Zoe group.

During yesterday’s hearing, the judge was critical of the independent accountant’s report that the company submitted to the court to support its application to be placed in examinership.

He focused particularly on predictions for the first seven months of 2011, where the report states that the company will earn €28.7 million from residential and commercial rents and dividend income from investments in ferry operator Irish Continental Group and food business Greencore.

He said this material was either presented to him in a “very poor” way or was just “plain wrong” and he took “a very serious view” of this. He had done the sums and they did not seem to add up.

It now appeared the companies would not have enough income to pay their overheads unless they secured additional rental income.

He made the criticisms after spending an hour questioning the group’s legal team about its projections for 2011.

Among a series of concerns, the judge queried figures suggesting the companies would, by the end of July 2011, have adequate income to meet their day-to-day overheads and to service interest.

From his own calculations, the judge said it appeared the companies would, in the seven months to end July 2011, have a deficit of €3 million, even factoring in interest roll-up, and not a surplus of €2.84 million as suggested in the independent accountant’s report. ACC is seeking the repayment of €136 million. The group’s other creditors include AIB, Bank of Ireland, Ulster Bank and KBC. ACC has already had receivers appointed to four group companies, but those appointments were on hold pending the outcome of Zoe’s second bid for examinership.

The group made its first application in July after ACC demanded the repayment of its debt. This failed in the High Court, a ruling which the Supreme Court upheld.

The Supreme Court then allowed the company to apply a second time when it said it had further evidence.