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Professional fees from Spencer Dock firm reach €2m

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Finance Minister Michael Noonan has publicly backed the OECD

Finance Minister Michael Noonan has publicly backed the OECD

Finance Minister Michael Noonan has publicly backed the OECD

New figures show that professional and receivers' fees from the receivership of Treasury Holdings's main Spencer Dock firm now total €2m.

David Hughes and Luke Charleton of EY were appointed as receivers to various assets owned by Spencer Dock Development Co Ltd (SDDC) on January 25th 2012 by the NAMA.

Now documents filed to the Companies Office show that the receivers have received €338,940 to date in fees with professional and receiver fees totalling €1.98m.

The Minister for Finance, Michael Noonan earlier this year revealed that NAMA has paid fees totalling €59.6m to receivers concerning 258 separate receiver appointments.

The Spencer Dock documentation shows that a total of €1.65m has been paid out in 'professional fees' over the two and a half years from January 2012 to July 25 last.

The Revenue Commissioners were also paid €413,173 during the most recent six month period. SDDC 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.

Aggregate rental income from the firm's properties during the recievership totals €12.79m with the proceeds from sales totalling €11.59m.

The company's overall receipts total €30.52m that included €4.87m in cash in place on apointment - the firm's payments topped €28.86m.

Some €8.25m has been distributed to the company's chargeholders.

 

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