The Commercial Court has reserved its judgment in a challenge by property company Treasury Holdings to the National Asset Management Agency's decision to call in its loans and appoint receivers to some assets.
Treasury is seeking permission to challenge the decision. It claimed there had been an absence of fair procedures and the company had a right to be heard before the decisions were made.
It said NAMA had rejected offers from two international investors to take over the loans.
NAMA said the Treasury Holdings Group of companies was insolvent and past the point of commercial rescue.
The agency said the appointment of receivers to some of Treasury's assets is more likely to lead to a better financial return for the State than continuing to fund the group.
It said it rejected the offers from the two investment companies following a detailed evaluation.
Ms Justice Mary Finlay Geoghegan will give her decision at a later date.
