Decision due on Treasury Holdings challenge

Added: 31-07-2012

Treasury Holdings will today find out if it's won a Commercial Court challenge to Nama's decision to call in about one billion euro worth of loans late last year.

The property developers also hope to overturn the state agency's appointment of  receivers over its property assets.

Callside Developments - a subsidiary of Treasury Holdings - is behind the planned 80 million euro Wine Street Car Park Development in Sligo.
Our Courts Correspondent Francesca Comyn reports:

The court is reviewing Nama's decision last December to enforce about a billion euros worth of loans owed by Treasury Holdings.

Treasury is insolvent with overall debt of some ¬ 2.7 billion euros  - the bulk of that debt is held by the State Agency which took on the loans in 2010 and then pumped in working capital of 100 million euros.

The developers argued they'd a right to be notified before the demand for payment but