Six of Zoe's eight lenders, which account for most of its [euro]1.3 billion, have seized or are taking control of properties by appointing insolvency practitioners as receivers.

Seven receivers (Anglo Irish Bank has appointed two) will now assess the group's labyrinthine structure to assess which lender has security over which properties. They will also seek to assess whether lenders have first, second and subsequent calls over assets.

For the domestic banks, which account for 54 per cent of the bank debt, receivers will adopt a holding pattern, sitting on assets until there is clarity over how the National Asset Management Agency (Nama) will operate (if the legislation is passed) and the agency's interaction with Zoe and Mr Carroll's two other property groups, Dunloe and Orthanc.

Undeveloped land will be held in a frozen state and rents will continue to be collected on residential and investment properties. Further work may be required to finish half-built properties such as the new headquarters for Anglo Irish Bank, which will need [euro]8 million in further loans to protect the building's shell from damage.

The foreign banks, which account for the remaining 46 per cent debt, may adopt a different approach as they are unlikely to be able to gain entry to Nama club. ACC, whose pursuit of its [euro]136 million debt sparked the group's 11-week legal battle for court protection, may seek to recover as much as it can as quickly as it can. However, in a distressed market, holding assets until there is some recovery in the economy may prove to be a better strategy.

In many respects, most of Zoe's banks have adopted in the short- term the strategy that Nama faces in the long-term: move quickly to seize control of properties and then slowly manage those assets. In that regard, Nama is much like a receivership, though a receivership on a national scale. How the Nama receivership will act with the differing receiverships at the Zoe Group will be the challenge. SIMON CARSWELL.

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