Court allows Lloyd’s to sue former Ronan firms over defects

Action relates to luxury complex where Colin Farrell is among the owners

Actor Colin Farrell is among the owners at Spencer Dock

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Actor Colin Farrell is among the owners at Spencer Dock

Stock image

John Mulligan Twitter Email

September 30 2021 02:30 AM

The High Court has granted insurance giant Lloyd’s of London permission to sue two former Treasury Holdings companies that are in liquidation and which are connected to a high-profile apartment scheme in Dublin’s docklands, where owners include actor Colin Farrell.

There are more than 600 units in the luxury Spencer Dock Apartments scheme, where it’s alleged that there are significant design and construction defects.

The original directors of the two companies in liquidation – Spencer Dock Development and Faxgore – include developers Johnny Ronan and Richard Barrett, originally of Treasury Holdings, and businessman Harry Crosbie.

The apartment complex was developed by Spencer Dock Development Company (SDDC), while Faxgore secured certification for the construction.

Former Treasury Holdings executives, as well as members of Mr Ronan’s family, have previously been listed amongst the owners of apartments at the Spencer Dock Apartments scheme.

In 2018, legal action was commenced against SDDC by the management company behind the complex.

In 2019, action was also launched against more than a dozen contractors and professionals involved in the design and construction of the project, including architectural firm Scott Tallon Walker.

SDDC and Faxgore were not joined to the 2019 proceedings and it was apparently determined that, because they were both in liquidation, they would have to be sued in separate proceedings, according to the High Court.

The action against the liquidated companies is being taken by syndicate 4472 of Lloyd’s of London on behalf of the apartment owners.

Each of the owners has taken out latent defects cover with the insurer under the Premier Guarantee Scheme of insurance.

Under those policies, the Lloyd’s syndicate claims it is subrogated to the owners’ cause of action against the two in-liquidation companies.

“The unit owners who wish to claim for losses which are not insured, but which would fall within the claim made in the proceedings, will be invited to make a claim in these proceedings for those losses,” the High Court noted.

It is alleged there are significant design and construction defects at the apartment complex, relating mainly to the quality of windows and doors, and related vents and sealing.

SDDC and Faxgore went into liquidation in 2012 as part of the wider Treasury Holdings collapse.