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Treasury goes under

THE High Court has appointed joint liquidators to take control of Treasury Holdings, the company founded by developers Johnny Ronan and Richard Barrett.

Liquidators Michael McAteer and Paul McCann of Grant Thornton said management services provided by Treasury continue uninterrupted.

Around 45 people at Treasury's headquarters in Dublin now face an uncertain future. The liquidators said that they will meet with staff of Treasury Holdings and 16 subsidiary companies to brief them.

Treasury has debts of €2.7bn and €1.7bn is owed to NAMA.

The move to appoint a liquidator follows a decision by Treasury not to resist a winding up application by one of its banks, KBC over a €55m debt.

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