NAMA has appointed Paul McCann and Michael McAteer of Grant Thornton as receivers of the company and personal assets of Ray and Danny Grehan.

Earlier, a deadline for the developers to repay €660m owed to NAMA expired.

The Grehan brothers and their property firm Glenkerrin Homes had been presented with a demand for payment of the debts in full by close of business today. The demand was not met.

A spokesperson for NAMA declined to comment.

The agency had secured the appointment of Mr McCann and Mr McAteer over the Grehans' assets last Wednesday.

The receivership was terminated at midnight on Friday, however, following a request from the Grehans for additional time to meet NAMA's demands.

Following the request NAMA re-issued its demand for payment with a deadline of ‘close of business’ this evening.

It is understood the developers had received an expression of interest from an overseas investment fund in acquiring some of their debts from NAMA and were hoping the agency would allow time for negotiations to proceed.