Treasury Holdings challenges NAMA in court

Treasury Holdings has been accused of coming to the High Court in spite of an agreement that it would not mount a legal challenge against NAMA.

The insolvent property business wants to overturn the bad bank's decision to appoint receivers over some of the group's property portfolio.

Treasury Holdings is one of NAMA's top 10 debtors, but it claims the bad bank has been less than open and transparent in their dealings.

Treasury is challenging NAMA's decision last December to call in the loans and the subsequent appointment of receivers over their property assets.

The court heard the relationship had started on a very co-operative footing and nothing could have forewarned Treasury that this decision was coming.

They say they were deprived of the right to make any advance representations.

They deny claims by NAMA's barrister Paul Sreenan that Treasury has come to court "in the teeth of" a clear 14-day agreement that they would not mount this challenge.