THE RECEIVERS APPOINTED by the National Asset Management Agency (NAMA) to the company and personal assets of two developer brothers have been stood down to give Ray and Danny Grehan more time to repay their debt.

Two accountants from Grant Thornton had been appointed as joint receivers last Wednesday but handed back control at midnight.

NAMA has given the developers until the close of business on Tuesday to respond to a demand for payment, RTÉ reports.

The developers’ Glenkerrin Group are understood to owe €650 million to NAMA.

They had developed a business plan to meet manage the debt but are understood to have failed to meet some of the terms of agreement, leading to the appointment of receivers to the group’s Irish owned properties earlier this week.

Among the properties developed by Glenkerrin are The Grange apartment block in Stillorgan, Co Dublin and the former UCD veterinary college site in Ballsbridge, Dublin, reports the Irish Times.

Ray Grehan bought the site through Glenkerrin for €171.5m in 2005 making it the most expensive site per acre in the history of the State at the time. The main lender for that deal was AIB.

The Grehan brothers are understood to have taken legal advice on the matter ahead of Tuesday’s deadline.