The retail giant has been described as 'robustly solvent' but the action is being taken over a €21 million debt for building work on a Kilkenny shopping centre.

Dunnes Stores was supposed to be the anchor tenant in the Ferrybank Shopping Centre.

But in a letter to Nama, Dunnes boss Margaret Heffernan described the Kilkenny development as an 'unmitigated disaster'.

The court's heard the retailer is commercially rock solid but is adopting a 'can pay won't pay' attitude to a judgment order for over €21 million - money it owes to insolvent developer Holtlglen Ltd for building work on the centre.