End for property giant Treasury as liquidators set to be appointed

High-profile property developer Treasury Holdings is expected to have joint liquidators appointed next week, making it one of the biggest casualties of the property crash.

The move comes as Treasury, which has debts of €2.7bn, yesterday told the High Court it was no longer resisting the application by KBC Bank to have it and related companies wound up.

Given Treasury’s stance outlined yesterday by its counsel Ross Gorman BL to Mr Justice Brian McGovern, KBC said it would seek to have Michael McCann and Jason McAteer of Grant Thornton appointed joint liquidators to Treasury and 16 related companies. This was required given the scope of Treasury’s interests across the globe, counsel for KBC Bernard Dunleavy BL told the court.