This week saw Nama and Treasury back in the High Court disputing the appointment of Receivers over a number of properties owned by Treasury Holdings.

On the 31st July, Justice Mary Finlay Geoghegan rejected the company’s legal challenge against Nama. Justice Finlay Goeghegan ruled that the appointment of receivers should be allowed to stand.

It was found that a “standstill agreement” was in place and entered into by both parties willingly. The agreement allowed Nama appoint Receivers if the agency first gave Treasury 14 days to find a new investor. No investors were found, and therefore Nama was forced to call on its loans. Treasury stated that three investors were identified before receivers were appointed but Nama failed to comment on this.

Treasury stated that it will appeal this decision and will return to court on the 4th October 2012 where a judgment on costs will be issued. Insolvency Journal will keep monitoring this case.