In reply Michael Collins SC for Treasury said that while it is accepted the companies are insolvent and the money was due and owing KBC is not entitled to make the application as it is a minority party of the syndicate.
Counsel said that in the alternative the court should use its discretion to adjourn the winding up application.
Counsel added that KBC had not shown to the court that it would suffer any prejudice, if the application was adjourned in order for it to allow talks with a potential investor such as Morgan Stanley.
Counsel added that the KBC's motive in having a liquidator appointed, who would assume the role of the firm's directors and management, was to prevent Treasury from pursing its appeal in the Supreme Court against Ms Justice Finlay Geoghegan's judgment.
As well as Treasury Holdings itself KBC is further seeking to have related companies including Spencer Dock National Convention Centre Hotel, Spencer Dock Development Company, Faxgore Ltd, Querida Ireland Holdings Ltd, and Robheat Ltd wound up.