Treasury not opposing liquidation application from KBC BankFriday 05 October 2012 18.51
Treasury Holdings, once one of the country's biggest property developers, is to be wound up.
Lawyers for the company told the High Court today they would not be opposing an application by KBC Bank, which claims it is owed over €70m by Treasury, to have it wound up.
Liquidators will be appointed next Tuesday.
KBC Bank had applied for Treasury Holdings and 15 related companies to be wound up.
The bank claims it is owed over €70m by Treasury arising from loans for the development of Spencer Dock in Dublin.
Lawyers for Treasury told the High Court they were not now opposing the application.
It is understood that Treasury felt it had no option because it said NAMA - which is owed €1.7 billion by Treasury - was refusing to talk to potential investors.
Lawyers for KBC Bank said winding up the company would be ''quite a job of work'' as it has interests across the globe.
They also said they wanted the Court to hear an explanation by Treasury of an overnight transaction involving, what KBC said, was a transfer of assets to the Channel Islands. This was in contravention of a court order.
KBC lawyers have previously said they had concerns about this transaction, but lawyers for Treasury said the company had complied with court orders.
Treasury, controlled by developers Johnny Ronan and Richard Barrett, had built up a multibillion-euro property empire that included golf course resorts in Sweden, a five-star hotel in Moscow and offices in Dublin and Paris.