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 €75 million from the troubled property developers.

Treasury recently lost a legal challenge to the decision by NAMA 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 did not receive €20 million.