It is reported that the National Asset Management Agency successfully opposed an application by Treasury Holdings (one of Ireland’s largest property developers) to quash its decision to appoint receivers over certain assets within the Treasury group. NAMA successfully argued that Treasury had agreed with NAMA not to challenge the appointment of receivers if NAMA, having considered proposals from certain interested parties to acquire the loans, decided to proceed with enforcement.

In December 2011, NAMA and other lenders had administrators appointed to Treasury’s most valuable asset, the Battersea Power Station. It is reported that the power station was sold to a consortium led by Malaysia’s SP Setia Bhd for £400m.

Separately, KBC Bank Ireland Plc has brought a petition in the High Court to wind up Treasury Holdings and related companies, which has been adjourned to 09 October 2012. It is reported that the bank claims it is owed more than €70m by Treasury arising out of loans advanced for the development of the Spencer Dock project in Dublin.