Wednesday 18 October 2017

Fees from Spencer Dock receivership total €2.8m

Johnny Ronan and Richard Barrett of Treasury Holdings
Johnny Ronan and Richard Barrett of Treasury Holdings

Gordon Deegan

New figures show that professional, management and receivers' fees from the receivership of Treasury Holdings's main Spencer Dock firm total €2.8m to date.

David Hughes and Luke Charleton of EY were appointed as receivers to various retail units, undeveloped sites and part developed sites owned by Spencer Dock Development Co Ltd on January 25, 2012, by the National Asset Management Agency (NAMA).

Now documents just filed with the Companies Office show that the receivers have received €387,648 to date in fees with combined professional, management and receiver fees totalling €2.8m to date.

The Minister for Finance, Michael Noonan, last year revealed that NAMA has paid fees totalling €59.6m to receivers concerning 258 separate receiver appointments since the agency was established.

In relation to the Spencer Dock receivership, the documentation shows that a total of €2m has been paid out in professional fees over the three years from January 2012 to January 24th of this year though no detail is provided on what the professional fees were spent on.

In addition, management fees from the receivership total €559,050 with €350,550 spent under that heading in the six months between last July and January of this year.

The new extract confirms that professional fees of €357,122 and receivers' fees of €48,708 were paid out during the period.

Spencer Dock Development Co Ltd was placed in receivership with net liabilities totalling over €401m. Nine months after the main Spencer Dock firm was placed in receivership, the parent entity, Johnny Ronan and Richard Barrett's Treasury Holdings, was wound up in October 2012.

The receivership was unsuccessfully challenged in the High Court by Treasury Holdings.

The documents show that rental income totals €18.98m over the three-year period with the proceeds from sales at€13.86m.

Receipts total €38.99m from the receivership while payments top €35.24.

Irish Independent

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