Liquidators of Treasury seek to join Nama action

The liquidators of Treasury Holdings are seeking to join with Nama in pursuing alegal action against the developer’s co-founders, John Ronan and Richard Barrett, aimed at unwinding a controversial €20m transaction.

Nama earlier this year brought proceedings against Treasury, Mr Barrett and Mr Ronan over the TAIL transaction where €20m shares were allegedly transferred out of the group to the benefit of Mr Barrett and Mr Ronan for €100,000 and unsecured loan notes.

Since then, Treasury has been wound up and joint liquidators appointed. They now want Treasury to be a plaintiff, rather than a defendant, in the case.