It is also on the panel of lawyers instructed by NAMA to deal with UK assets.
In effect this would mean another loan sale competitor to NAMA and the IBRC special liquidator.
Even many of NAMA's critics agree that the agency was given a very tough job.
Critics worry that NAMA's pace has put a pall over the Irish property market.
"The suggestion that NAMA is bureaucratic does not stand up to serious scrutiny, " he said.
Nama said it had recovered 100% of the original value of the loans plus interest.
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An outstanding loan on the site was transferred to the Irish Government's National Asset Management Agency (NAMA).
It is not clear why Nama has now decided to take further enforcement action against the group.
Some investors and brokers who have worked with NAMA say it is often bogged down by bureaucracy.
In NAMA, the basis of the draft text is a formula connecting new tariffs to old ones.
As each toxic loan is transferred to NAMA at a discount, it crystallises losses at the banks.
It said five banks participating in Nama have an exposure of 2bn euros in total to Mr McKillen.
Nama has always maintained it is not in its interests to have a fire sale in Northern Ireland.
The K Village is still trading and none of the other Jennings firms are affected by Nama's move.
Nama chairman Frank Daly confirmed on Thursday that it will extend its vendor finance policy to Northern Ireland.
Nama was set up following the banking crisis and is taking over all major development loans from Irish banks.
But most of NAMA's holdings are in Ireland, and that market remains weak.
The owners said that despite several requests, they had been unable to meet with Nama over the past few months.
He said it could mark the start of a so-called fire sale by Nama of properties it holds in NI.
The Irish government's National Asset Management Agency (Nama) has said it will try to revive Northern Ireland's commercial property market.
But the agency's defenders say that if NAMA had dumped properties too fast, the damage to the market might have been worse.
Initially repossessed by the former Anglo Irish Bank, it eventually came under the control of the Irish government's National Asset Management Agency (Nama).
China's tariff on cars could come down from 25% to 18% even if it takes advantage of the exemptions to the NAMA formula.
However, the Commercial Court in Dublin dismissed his claim, ruling Nama was a proportionate response to the grave situation the state finds itself in.
The Irish state argued that the challenge was a very real threat to the vital work of Nama and is of enormous economic significance.
Nama proposes to offer up to 70% finance to purchasers of commercial property under the control of the agency or receivers appointed by it.
Liquidation would mean all these workers would lose their jobs, although the government said the majority of these are expected to be rehired by Nama.
Paddy McKillen, who has loans of more than 2bn euros from Irish banks, argued his business would be damaged if his loans were transferred to Nama.
He said the group had sent annual business plans to Nama in October and November but the agency had been refusing to meet to discuss them.
The Irish government's National Asset Management Agency (Nama) has effectively repossessed an English shopping centre that was owned by two of Northern Ireland's wealthiest property developers.
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