Treasury Holdings set for liquidation05/10/2012 - 12:58:36
Treasury Holdings lawyers have today told the High Court that they will not be opposing an application by KBC Bank to wind up the group next week.
The move clears the way for liquidators to be appointed to the business, which was previously one of Ireland's largest property operations.
It directly employs up to 45 people at its headquarters in Dublin.
At its height, Treasury Holdings was a multibillion euro property business with operations spanning as far as China.
But after the boom, it crashed with debts of around €2.7bn and it has spent much of the past year in a protracted legal battle with Nama.
Today, lawyers for Treasury Holdings told the High Court it will not be opposing a petition to wind up the business by KBC Bank on Tuesday next.
KBC says that it is owed more than €70m for the development of Spencer Dock in Dublin.
The move to liquidate the group is supported by Nama over concerns that assets of a Treasury subsidiary in Singapore were transferred to a company in the Channel Islands linked to Treasury director Richard Barrett.
This will be raised on Tuesday as KBC's lawyers say they have not received an adequate explanation for this overnight transaction.
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