‘If one falls, the rest topple’

If the Supreme Court rejects Liam Carroll’s appeal on Tuesday, it could trigger the collapse of the developer’s business with a €2.8 billion debt mountain, writes Ian Kehoe, Chief News Correspondent

1st August, 2009

Twenty-four hours is a long time for a country in the grip of a property-fuelled recession. Last Thursday, the government finally unveiled the details of its grand Nama masterplan, a strategy designed to remove €90 billion of toxic property assets off the balance sheets of the banks and get them lending again.

The next day, the government learned just how toxic those assets were. Property developer Liam Carroll failed last Friday afternoon to have an...

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