Developer David Daly has started legal proceedings to try to overturn the National Asset Management Agency's appointment this evening of statutory receivers to a string of upmarket properties in Dublin and London owned personally by him.
Mr Daly is a director of the well-known housebuilder Albany Homes, which is not in receivership. He has featured in Ireland's rich list.
NAMA assumed control of loans to Mr Daly worth hundreds of millions of euro from AIB.
Among the properties subject to the receivership is 87 St Stephen's Green in Dublin, which is leased by the Garda Inspectorate. Another property on St Stephen's Green is leased by ESB International.
Also included in the receivership is the outlet that houses retailer River Island in Grafton Street, Dublin. In London, receivers will take control of properties including premises let by Louis Vuitton in New Bond Street.
Jim Hamilton of BDO Simpson Xavier has been appointed receiver in Ireland. LPA receivers from BDO Shay Bannon and Sarah Rayment have been appointed in London.
But Mr Daly and his children have taken legal proceedings aimed at preventing NAMA insisting on repayment of their €457m loans with AIB or appointing a receiver over properties.
Michael Cush SC, for David, Joanne and Paul Daly, secured permission from the High Court today to serve short notice of their proceedings on NAMA, the State and AIB.
Mr Cush said the Dalys' case was that they were meeting all their obligations concerning the loans, but NAMA had taken the view that these were demand facilities that could be called in any time.
NAMA had done so on Wednesday and given his clients until close of business on Thursday to repay all the loans, he said.
Mr Justice Garret Sheehan told counsel he could serve short notice of his application on the defendants and returned the matter to Monday.