National Asset Management Agency (Nama) has today, for the first time, taken legal action against some of the country's most high-profile developers.
The Commercial Court has delivered judgement against Paddy Shovlin and brothers Anthony and Patrick Fitzpatrick regarding loans worth more than €60m.
Nama is looking for more than €50m that Bank of Ireland loaned to companies associated with Paddy Shovlin and the Fitzpatrick brothers and almost €13m that Ulster bank gave them.
The Commercial Court heard some of the monies were used to refinance the Bank of Ireland headquarters on Baggot street in Dublin and the Beacon South Quarter.
Mr Shovlin is guarantor for 50% of the amount owed, while the Fitzpatrick brothers are liable for 25% each.
Today was the first time that Nama had used its power to bring such debt enforcement proceedings.
Mr Justice Peter Kelly delivered judgement against Mr Shovlin and the Fitzpatricks, saying that it had not been a good day for them.