Treasury Holdings goes into liquidation

One of Ireland's biggest property companies, Treasury Holdings, is to be placed in liquidation.

Lawyers for the firm told the Dublin High Court on Friday that they will not be opposing an application by KBC Bank to have the company wound up.

KBC Bank says it is owed over 70m euros; Ireland's state-owned 'bad bank', Nama, is owed 1.7bn euros.

The company is owned by the property developers Johnny Ronan and Richard Barnett.

It owns a large portfolio of property in central Dublin as well as golf course resorts in Sweden, a five-star hotel in Moscow and offices in Paris. It recently sold Battersea power station to Malaysian investors.

At a previous court hearing Nama had described the firm as "hopelessly insolvent." Nama has been involved in a lengthy and expensive legal battle with the firm.

Mr Ronan and Mr Barrett have other property interests which are not held through Treasury Holdings.

Mr Ronan is a fixture of Dublin gossip columns due to his lavish lifestyle and friendships with fashion models.