Receivership costs for Treasury Holdings subsidiary hit €16.6m

Company previously controlled by developers Johnny Ronan and Richard Barrett

Johnny Ronan (left) and Richard Barrett who founded Treasury Holdings. File photograph: Bryan O’Brien/The Irish Times

Johnny Ronan (left) and Richard Barrett who founded Treasury Holdings. File photograph: Bryan O’Brien/The Irish Times

 

Costs associated with the receivership for Treasury Holdings’s Spencer Dock entity are in excess of €16.6 million.

That is according to the latest receivers’ extract lodged with the Companies Office for a company previously controlled by developers Johnny Ronan and Richard Barrett.

Professional, management and receiver fees totalled €261,602 between January and July of this year.

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

The breakdown for the latest six-month period shows that €153,688 was paid out in professional fees, with receiver fees of €72,863 and management fees of €35,051. Separately, charges amounting to €10,390 were paid to State transport company CIÉ.

Spencer Dock Development Co Ltd was placed in receivership with net liabilities of 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.

The receivership was unsuccessfully challenged in the High Court by Treasury. The company had cash reserves of €4.87 million on the appointment of Mr Hughes and Mr Charleton.

The filing shows that at the end of 7½ years in receivership, there are receipts of €98.9 million. Payments made arising from the receivership are €98 million.