RSS FeedLiam Carroll Hits Quicksand
Posted by Senan
Just when we thought we'd pushed through the worst of the housing bubble collapse, the Liam Carroll (property developer) Supreme Court ruling has reawakened our senses and once again highlights the extent of the problem. In particular it was interesting to hear the judge’s comments. After being presented with accountant’s reports and whatever other documentation Mr. Carroll’s legal team could muster, the judge delivered a scathing assessment of the company’s prospects, based on the dismal outlook for the Irish property sector in general. The conclusion was that there was no evidence of an improving market, which would be a prerequisite of the viability of the Zoe firms.
The schizoid-market continues. They've been trending downwards over the past couple of days. This follows a dizzying and inexplicable rally since March lows. There are rumblings afoot that the US is pulling out of recession, certainly good news for Ireland as we are so economically dependent on them. Edit: Oops, spoke too soon, equities are heading up again, the mind boggles. Long may it last though!
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