Spencer Dock receivership fees total €1.59m

Professional and receivers’ fees from the receivership of Treasury Holdings’ main Spencer Dock company total €1.59m to date, new figures have revealed.

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

Now, documents filed with the Companies Office show that the receivers have received €277,857 to date in fees.

Finance Minister Michael Noonan recently revealed that Nama has paid fees totalling €59.6m to receivers concerning 258 separate receiver appointments since the agency was established.

In relation to the Spencer Dock receivership, the documentation shows that a total of €1.314m has been paid out in ‘professional fees’ over the two years from January 2012 to January of this year, though no detail is provided on what the professional fees were spent on.

The extract relating to the six-month period from July 25 last to January 24 of this year confirms that professional fees of €317,486 and receivers’ fees of €277,857 were paid out during the period.

The Revenue Commissioners was also paid €337,166 during the most recent six month period covered.

The receivership was unsuccessfully challenged in the High Court by Treasury Holdings and the professional fees may include legal fees as no entry for legal fees is recorded in the various documents lodged by the receivers with the Companies Office.

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 four separate receiver extracts lodged by Mr Hughes and Mr Charleton show that the aggregate rental income from the firm’s properties total €9.69m, with the proceeds from sales totalling €7.69m.

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

The figures show at the end of two years in receivership, the company had receipts totalling €23.489m, that included the €4.87m in cash — and the firm’s payments in the two years to January of this year topped €20.15m.

The documents show that €7.25m has been distributed to the charge holders to company debentures dating back to 2004.

In his recent Dáil response on the issue of receiverships, Mr Noonan said receivers appointed by Nama in Ireland control 770 residential properties and 701 commercial properties.

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