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.

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