Monday 14 October 2019

Insolvency costs at bust unit of Treasury Holdings approach €17m

Skyline: The Spencer Dock apartment blocks. Photo: Colin O’Riordan
Skyline: The Spencer Dock apartment blocks. Photo: Colin O’Riordan

Gordon Deegan

The costs associated with the receivership for Treasury Holdings's main Spencer Dock firm now total more than €16.6m.

That is according to the latest receivers' extract recently lodged with the Companies Office for the former Johnny Ronan and Richard Barret company.

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The figures show the costs of the receivership made up of professional, management and receiver fees concerning the seven-and-a-half year-long receivership of Treasury Holdings's firm amount to €16.62m.

This follows professional, management and receiver fees totalling €261,602 in the latest six-month period of the receivership from January to July this year.

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 Nama.

The breakdown for the latest six-month period shows €153,688 has been paid out in professional fees, receiver fees of €72,863 and management fees of €35,051.

Mr Ronan has made a comeback in the docklands area and is developing, in partnership with Colony Capital, Salesforce Tower Dublin which is made up of four connected buildings at Spencer Dock.

Mr Ronan's Ronan Group Real Estate said the new campus represents the largest-ever single office letting in the State. Mr Ronan's Spencer Place Development also has €350m plans before An Bord Pleanála for 464 apartments along with 200 'shared accommodation' bed spaces in the docklands.

The well-known developer already has planning for 349 apartments and an aparthotel at the docklands site, and the enlarged proposal seeks to increase two seven-storey buildings to 11 and 13 storeys.

Spencer Dock Development Co Ltd was placed in receivership with net liabilities totalling more than €401m. Nine months after the main Spencer Dock firm was placed in receivership, the parent entity, Mr 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.

At the end of seven-and-a-half years in receivership, there are receipts totalling €98.9m.

Irish Independent

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