Costs linked to receivership for Treasury Holdings firm now total €16.36m

Johnny Ronan’s Spencer Dock company had net liabilities totalling more than €401m

Johnny Ronan has since made a major comeback in the docklands area and is developing, with Colony Capital, Salesforce Tower Dublin at Spencer Dock. Photograph: Bryan O’Brien

Johnny Ronan has since made a major comeback in the docklands area and is developing, with Colony Capital, Salesforce Tower Dublin at Spencer Dock. Photograph: Bryan O’Brien

 

The costs associated with the seven-year-long receivership for Treasury Holdings’s main Spencer Dock firm now total €16.36 million.

The latest receivers’ extract for the former Johnny Ronan company, lodged with the Companies Office, shows the receivership costs are comprised of professional, management and receiver fees.

David Hughes and Luke Charleton of EY were appointed by Nama as receivers to various retail units, undeveloped sites and partly developed sites owned by Spencer Dock Development Co Ltd on January 25th, 2012.

The breakdown for the latest six-month period of the process shows €168,590 was paid in property management fees, €119,132 in professional fees and€19,604 in receiver fees.This totalled €306,000 for the period between July last to January of this year.

An unnamed secured creditor received €215,000 during the period.

Spencer Dock Development Co Ltd was placed in receivership with net liabilities totalling more than €401 million. 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.

Challenge

Treasury Holdings unsuccessfully challenged the receivership in the High Court. The firm had cash reserves of €4.87 million on the appointment of receivers.

The figures show that after seven years in receivership, there are receipts totalling €98.6 million. Payments made arising from the receivership total €97.7million.

Johnny Ronan has in more recent times made a major comeback in the docklands area and is developing, in partnership with Colony Capital, Salesforce Tower Dublin, which is comprised of four connected buildings at Spencer Dock.