An interim examiner has been appointed to a number of companies controlled by Cork based developer Michael O'Flynn.
The step was taken by US private equity group Blackstone, which bought Mr O'Flynn's loans from NAMA earlier this year.
In a statement this evening, Mr O'Flynn said "I am completely surprised and shocked by the decision of Blackstone Group to have an interim examiner appointed to O'Flynn Construction Group this afternoon."
He added: "The O'Flynn Group loans and some separate personal loans are fully serviced and all payments are up to date.
He said "Today's development represents a very unexpected and aggressive move on the part of Blackstone Group.
"I am reviewing this with my legal advisers and will respond appropriately in due course".
Mr O'Flynn had loans of €1.8bn with NAMA which were bought for an estimated €1.2bn by Blackstone.