The High Court has adjourned an application to have property company Treasury Holdings wound up until 9 October.
Mr Justice Brian McGovern said he was not satisfied KBC Bank, which brought the application, would suffer any significant prejudice if a short adjournment was granted.
He said very substantial sums of money were involved and the case also involved a significant number of companies with assets in this jurisdiction and internationally.
The judge said it was a case that clearly required detailed consideration.
He directed that Treasury Holdings file sworn documents outlining the terms and circumstances of a transfer of the assets of a Treasury subsidiary in Singapore to a company beneficially owned by a director of Treasury, Richard Barrett.
He accepted an undertaking by lawyers for Treasury Holdings that there would be no disposition by any companies in the group of their shares before 9 October.
He said he would not grant any further adjournments.
Transfer of assets 'a great concern'
Earlier, lawyers for NAMA told the court the transfer of assets was a great concern to the agency, particularly as there was no indication of any payment for the assets.
News of the company's sale, which was disclosed to the Singapore Stock Exchange, has led NAMA to join itself to the winding-up order being sought by KBC Bank in the High Court.
Treasury Holdings' fall from favour in Ireland, and in particular the winding-up order sought by KBC, has been damaging to the reputation of Treasury China Trust (TCT).
The Singapore-listed property company has a large portfolio in fast-growing Asian markets.
Despite its name, TCT is not part of the Treasury Holdings group of companies.
However, the owners of Treasury Holdings, Mr Barrett and Johnny Ronan, are two significant shareholders in TCT.
TCT's operations are conducted by two companies, Treasury Holdings Real Estate, which is the trustee manager to Treasury China Trust, and Treasury Holdings (Shanghai) Property Management, which manages properties owned by TCT.
These two companies were acquired, apparently for a cash consideration, from Treasury Holdings by Oriental Management Services Ltd, a Jersey-registered company beneficially owned by Mr Barrett.
It is understood that these two companies generate substantial cash flow.
TCT is understood to have raised some funds by issuing a bond.
It is believed that the bondholder would have a right to demand immediate repayment if a liquidator was appointed to Treasury Holdings, the ultimate owner of the two companies that generate the cash flow that TCT needs to repay the bond and other corporate debts.
TCT is also developing a retail centre in China and this development uses cash flow from the two companies that have been acquired by Mr Barrett’s Jersey company.
It seems shareholders believe that the Singapore-listed company is best served by breaking the link to a possible liquidation in Ireland of Treasury Holdings.
Treasury's relationship with NAMA and the winding-up action pursued by KBC have been extensively covered in Singapore media and are believed to have had an adverse impact on the share price of TCT.
At the start of the year, TCT announced it had engaged the services of Goldman Sachs to advise it on strategies to bring its share price back in line with the value of its underlying property portfolio.
The court was told yesterday that NAMA was neutral on the winding-up petition.