The National Asset Management Agency has appointed Savills as a statutory receiver to Becbay Ltd, the vehicle established to develop the former Irish Glass Bottle site in Ringsend, Dublin, at the height of the property bubble. The State loans agency was due to post a legal notice to that effect in the national media today.

Becbay owes €524 million in total, including €340.2 million in bank loans from Anglo Irish Bank and AIB, which were transferred to Nama in April 2010. It owes €178.4 million to shareholders, the accounts state.

The 25-acre site was bought for €411 million in 2006 in one of the biggest deals during the building boom, but has since been revalued at just €30 million, according to latest accounts filed recently.

Becbay was 41 per cent owned by property developer Bernard McNamara and 33 per cent by financier Derek Quinlan, with the Dublin Docklands Development Authority owning the remaining 26 per cent. Becbay’s latest accounts show it made a loss of €40.3 million in 2009 and €452.8 million in the previous year.