Developer Liam Carroll's Zoe group will find out next week if it can go ahead with its appeal against a High Court ruling to refuse to appoint an examiner to the group and place it under its protection.
Last month, the High Court refused the group's second bid to be placed in examinership on the grounds that it did not have a reasonable chance of survival. One of its lenders, ACC Bank is seeking the repayment of €136 million.
However, the High Court stayed its orders winding up Vantive Holdings and associated Zoe companies to allow the group time to proceed with an appeal to the Supreme Court, a move which ACC is opposing.
Today ACC argued in the Supreme Court that Zoe should not be allowed to appeal, as its second bid was tainted by the fact that it withheld evidence from the High Court when it applied for examinership the first time last July. Its lawyers said that this was an abuse of process.
ACC was referring a business plan that formed part of its second examinership bid, but which it did not use the first time around.
In response, lawyers for Zoe agreed that evidence was withheld, but said that this was not malevolent, and pointed out that there was an explanation for this decision.
The Chief Justice, Mr Justice John Murray, will rule on Tuesday on whether or not Zoe should be allowed to appeal.
If the company is refused the right to proceed with an appeal, it will open the door to the banks' liquidators or receivers to take over the business.
