Lawyers for Treasury Holdings will seek the permission of the High Court tomorrow to challenge the appointment of receivers to certain assets.

The company was given permission this evening to bring the application at short notice. The application will be heard by the President of the High Court, Mr Justice Nicholas Kearns, in the morning.

The move follows the National Asset Management Agency's decision to appoint receivers to certain secured assets within Treasury Holdings and certain linked companies including REO and Spencer Dock Development Corporation.

Read a list of properties which are affected.

Treasury's other interests such as those in the energy sector and in Treasury China Trust are unaffected.

Receivers PWC and Ernst and Young would be appointed unless blocked by the courts.

The original face value of Treasury Holdings portfolio was €2 billion. It is believed that NAMA paid a total €900m for the loans. The borrowings subject to the proposed receivership are believed to have been bought for in excess of €0.5 billion.

Treasury is expected to contend in court that the offer it had made to NAMA would have seen the agency receive more than it had paid for the loans.

Assets in Dublin which would be included in the receivership are PWC headquarters in the Docklands, the Central Park office development in Leopardstown, the Ritz Carlton Hotel, Sligo Town Centre, properties on St Stephen's Green, the Alto Vetro and Montevetro buildings on Barrow Street.

A spokesman for Treasury Holdings said this evening that the company was ''extremely disappointed'' that NAMA has chosen to act in this way.

''The appointment of a receiver would destroy further inherent value within the part of the property portfolio affected by today's events and would reduce the prospect for the taxpayer to maximise a return on these assets,'' the spokesman said in a statement.

Treasury said that two major international investors have recently emerged as being interested in paying more for the loans on the properties in question that NAMA paid the banks for them when the agency took them over.

Treasury have claimed than other to seek clarifications on certain matters, NAMA has not engaged in talks with these two potential investors.

''Both international investors have expressed a desire to work alongside Treasury Holdings in seeking to maximise the return on the portfolio over seven years and we would appeal to NAMA to defer its current proposed actions and to allow meaningful and constructive discussions with potential investors to take place,' the statement concluded.

NAMA said in a statement tonight that it had ''engaged rigourously with Treasury Holdings since 2010''.

''Unfortunately, it has not been possible to achieve a mutually acceptable agreement on the way forward with respect to the group's NAMA loans'' the statement said.

The agency said it had analysed the two proposals made and they were not commercially acceptable. ''The NAMA Board decided to proceed with the appointment of receivers at the end of today's standstill period which expired at 4pm today," it added.