The National Asset Management Agency has appointed a receiver to the company and personal assets of developers Ray and Danny Grehan.
Receivers Michael McAteer and Paul McCann of accounting firm Grant Thornton have been appointed to oversee the debts and associated property assets.
The developers' major interests include the Grange apartment complex in Stillorgan, the Glenroyal Hotel in Maynooth and the former site of the UCD Veterinary College in Ballsbridge.
Ray Grehan paid €171.5m for the UCD Veterinary College site in 2005, which made it the most expensive site per acre in the country at the time.
NAMA has confirmed that the Grehans' corporate and personal debts to the agency are in the 'hundreds of millions of euro'.
It is understood NAMA has made a separate application to appoint Grant Thornton as administrators to the developers' assets in the UK.
These include a hotel in Shoreditch in London and an apartment block in London's Docklands.
The UK administration hearing is due to be heard on 10 May.