KBC to submit Treasury Holdings wind-up petition

KBC bank is today expected to petition the High Court to wind up Treasury Holdings and 15 related companies.

The Belgian bank is owed around €75m from the troubled property developers.

KBC was part of a banking syndicate that extended loans to Treasury Holdings for the development of Spencer Dock.

The rest of the syndicate's loans have been picked up by Nama which is owed €1.7bn by the insolvent Treasury.

The developers recently lost a legal challenge to Nama's decision to call in loans and appoint receivers over property assets but an appeal is on the cards.

KBC was party to that action and indicated in a notice served at the end of June that it would seek an order winding up Treasury if it didn't receive €20m.