Treasury Holdings lawyers have told the High Court they will not be opposing an application by KBC Bank to wind up the group next week.
The move clears the way for liquidators to be appointed to the business which used to be one of the largest property operations in Ireland.
It directly employs up to 45 people at its headquarters in Dublin.
At its height Treasury was a multi-billion euro property business with operations spanning as far as China.
But after the boom it crashed with debts of around €2.7 billion and it has spent much of the past year in a protracted legal battle with the National Asset Management Agency (NAMA).
But today Treasury has thrown in the towel and its lawyers told the High Court it will not be opposing a petition to wind up the business by KBC Bank on Tuesday next.
KBC says it is owed over €70 million for the development of Spencer Dock in Dublin.
The move to liquidate the group is supported by NAMA over concerns that assets of a Treasury subsidiary in Singapore were transferred to a company in the Channel Islands linked to Treasury director Richard Barrett.
This will be raised on Tuesday as lawyers for KBC say they have not received an adequate explanation for this overnight transaction.
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