A High Court ruling is due later in a challenge by Treasury Holdings against the National Assets Management Agency (NAMA) appointing receivers over some of its property portfolio.
Treasury claims the bad bank has been less than transparent in its dealings, but NAMA has said that the developer is past the point of rescue, describing the company as "significantly insolvent" with overall debts of €2.7bn.
Treasury has defaulted on its loans and the agency believes the appointment of receivers will lead to the best return for the State.
During the hearing, NAMA also raised concerns about a €20m share transfer approved by Treasury to owners Richard Barrett and Johnny Ronan just before their debts were transferred to the state agency.
Treasury claims NAMA's rejection of two offers to buy up the group's loans from NAMA is astonishing.
The group is trying to secure a full legal challenge to NAMA's decision to call in its loans and appoint receivers.