The world according to Mr Justice Peter Kelly:

On the scenario faced by Liam Carroll’s Zoe Group

: “It is sometimes said that when small or modest borrowers encounter difficulties in repaying their loans, then such borrowers have a problem.

“For those with larger borrowings, it is the banks who have a problem. If ever a case demonstrated the accuracy of that proposition, it is this one.”

On the "extraordinary" forbearance shown by the group's bankers: "In truth the banks can do little else but forbear because if they take action to recover the monies due to them by these companies, they will bring about a collapse of the house of cards that is the petitioner, the related companies and indeed the wider group that is associated with them."

On Mr Carroll's web of companies: "Byzantine."

On the group's proposed survival plan: "Lacking in reality" and "something artificial".

“[It] seems envisaged to help shareholders whose investment has proved to be unsuccessful.”

“Given current market conditions and with little or no prospect for improvement in the future on the basis of all the current economic indicators, this degree of optimism on the part of the independent accountant borders, if not actually trespasses, on the fanciful.”

On the group's plan to turn a deficit of more than €1 billion to a profit of €300 million in three years: "A remarkable turnaround."

On the future of the property market: "What market is there likely to be over the next three years for the sale of sites even with planning permission and the sale of residential, commercial and retail units?"

“The commercial market, particularly in Dublin, where much of the companies’ properties are, is grossly oversubscribed and the residential sector is hardly moving at all.”