NAMA is facing another legal challenge after Treasury Holdings won permission to challenge the appointment of receivers to indebted properties .

Treasury Holdings owes NAMA around €2bn through Treasury and related companies, although it only paid around €900m for the loans when they were transferred across from the banks.

Yesterday NAMA appointed receivers to take control of several of Treasury's Irish properties.The appointments could yet be overturned, however, after High Court president Nicholas Kearns gave Treasury Holdings leave to challenge the move.

A court hearing is now scheduled for February 21 and the case is expected to take four days.