Sunday 22 July 2018

Fees from Spencer Dock receivership total €15.5m

Johnny Ronan formerly owned Spencer Dock
Johnny Ronan formerly owned Spencer Dock

Gordon Deegan

The costs of the receivership for Treasury Holdings' main Spencer Dock firm now total over €15.5m.

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

The figures show that the costs of the receivership, made up of professional, management and receiver fees concerning the six year long receivership of the Treasury Holdings's firm, now total €15.5m.

This follows professional, management and receiver fees totalling €230,910 in the latest six month period of the receivership from July to January of 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 on January 25, 2012 by Nama.

The breakdown for the latest six-month period show that €114,335 has been paid out in property management fees; professional fees of €99,548 and receiver fees of €17,024.

The big winners in the most recent period were the Revenue Commissioners, which received €9.98m.

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 firm had cash reserves of €4.87m on the appointment of Mr Hughes and Mr Charleton.

The figures show at the end of six years in receivership, the company had receipts totalling €97m.

Indo Business

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