Developer fights Nama decision to name receivers

Nama decided to proceed with appointing receivers over assets of various Treasury Holdings companies without telling the developer, which was in advanced negotiations with investors, the High Court has heard.

Treasury, run by Richard Barrett and Johnny Ronan, claims the proposed receiverships could threaten 400 jobs. It further claims that receivership could result in no further development of its Spencer Dock site in Dublin; could close the Ritz Carlton Hotel in Co Wicklow; lead to the closure of the company which owns Dublin’s National Convention Centre; and could collapse the Sligo Town Centre project.

Nama acquired Treasury debts with a face value of €1.5bn in 2010, but Treasury claims, while accepting it is “balance sheet insolvent”, that it could have continued to operate had terms been agreed with Nama and could have advanced plans to achieve a “once-off sale” to investors of practically all its loans.