The National Asset Management Agency has sent the receivers back in to take control of Ray and Danny Grehan's assets. This is after the property developers failed to meet a deadline for payment of €650m debt by yesterday afternoon.

NAMA originally appointed receivers last Wednesday, and then on legal advice last Friday stood the receivers down and imposed a new deadline of yesterday evening.

This passed as last-minute attempts to stop the process failed, and for the second time in a week the Grehan's Irish assets were placed in receivership with Michael McAteer and Paul McCann of Grant Thornton.

The Grehans say that their legal team is working on a response.

NAMA appointed receivers after the Grehans did not meet the terms of their memorandum of understanding signed last December with the agency when their business plan was approved.

Next week NAMA is set to look for court approval to put properties the Grehans own in the UK into administration.

About half of their assets are in the UK, including buildings in Canary Wharf, Shoreditch and Ealing Broadway in London.

Among their Irish assets are The Grange on the Stillorgan Road, while they also paid €171m for the old UCD Veterinary College site on Shelbourne Road in Ballsbridge in Dublin 4.