Lawyers for Treasury Holdings have told the High Court they will not be opposing an application by KBC Bank to wind-up the company.

Liquidators will be appointed next Tuesday.

KBC Bank claims it is owed over €70m by Treasury relating to loans for the development of Spencer Dock.

The bank has also applied for 15 related companies to be wound up.

Lawyers for KBC said winding up the company would be quite a lot of work as it has interests across the world.

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, 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.