The Zoe group of companies owned by developer Liam Carroll is to appeal a High Court decision rejecting the group’s second bid for court protection.
Counsel for the companies told the High Court today they had considered the judgment over the weekend and intended to pursue an appeal.
The court heard the earliest the Supreme Court can sit is early next week.
Mr Justice Frank Clarke deferred until 2pm tomorrow a decision on winding up Mr Carroll’s companies and on whether to extend a liquidator to two companies - Vantive Holdings and Morston Investments.
On Friday, the businesses owned by developer Liam Carroll were granted a short reprieve by the High Court to decide whether to take a final court appeal to prevent the collapse of the heavily insolvent development body.
However, Judge Clarke warned any appeal should be made within 24 hours of the hearing, which started at 2pm today.
This will be the second time the group has appealed a High Court ruling rejecting court protection and the appointment of an examiner.
Judge Clarke found the Zoe group had failed to show it has a reasonable prospect of survival from August 2011 when a two-year moratorium on bank interest repayments is due to end.
He rejected the group’s assertion, based on a revised business plan, it would emerge from the moratorium with a slight surplus of some €19 million assets over €1.3 billion liabilities and be able to meet interest payments as they fell due.