Verdict due in Treasury Holdings case against Nama

Treasury Holdings will today find out if it's won a Commercial Court challenge to Nama's decision to call in about €1m worth of loans last December.

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

Treasury Holdings is insolvent with overall debt of some €2.7bn. The bulk of that debt is held by the State Agency which took on the loans in 2010 and then contributed working capital of €100m.

The developers argued that they had a right to be notified before the demand for payment, but Nama's legal team said it would be ridiculous if the law meant they had to engage in endless debate before calling in loans from an insolvent debtor.

They also contend that Treasury Holdings was burning up cash and continuously looking to Nama for more money.

More on this topic

'It is very frustrating to see it': Developers buy back Nama loans at discounts

Taxpayers let down over historic assurances about Nama

Major flaw in laws prohibiting resale of NAMA properties to developers revealed

Minister rules out suspending NAMA work pending report into sale of NI loans

More in this Section

Pet owners urged to watch out for animals during forecasted heatwave

Denis Naughten surprised by Eir's claim about completing broadband plan

Potency of cannabis resin has 'increased substantially' - report

482 patients waiting for beds in hospitals across the country


Cork media go head to head in triathlon relay

More From The Irish Examiner