The National Asset Management Agency has appointed a receiver to take over a number of properties owned by developer Derek Quinlan and members of his immediate family.
NAMA said the decision was made because of their failure to put forward and agree a business plan setting out how they planned to repay the money owed to the agency..
Paul McDowell of Knight Frank Ireland has been appointed receiver.
Mr Quinlan - who had previously worked with Revenue - stepped down from the company he founded - Quinlan Private - in July 2009.
Quinlan Private invested in property across western European and in some regions of central and eastern Europe. Its first major international deal was in 2004 when Mr Quinlan led a group of Irish investors to buy the luxury Savoy hotel group in London for €1.1 billion.
It is understood that nine properties are involved in the move by NAMA. They include properties in Dublin - on Fitzwilliam Square, Ailesbury Road, an apartment in the Merrion Hotel and Raglan Road.
