Waste firm’s receiver earns €1.4m

Deloitte & Touche earned over €1.4m for overseeing the receivership of waste firm Greenstar.

Waste firm’s receiver earns €1.4m

In March, Cerberus Capital Management announced the completion of the acquisition of Greenstar — 19 months after the firm entered receivership.

Documents lodged with the Companies Office show that for the first 18 months of the receivership, receiver and manager, David Carson of Deloitte & Touche received €1.4m in fees and expenses from the work he and his team at Deloitte carried out.

The receiver extracts show that an additional €520,317 was paid out in professional fees to persons unknown over the 18 months. Mr Carson received €454,673 in fees and expenses from August 23 last to February 22.

This followed Mr Carson receiving €350,000 for the first six months of the receivership from August 23, 2012, to February 22, 2013, and an additional €614,606 in fees for the period February 23, 2013, to August 22, 2013.

During the most recent six-month period, Mr Carson oversaw income of €52.7m in trade receipts at Greenstar and also secured €68,742 in trade debtor realisations. Trade payments during the period totalled €50.4m.

This followed the business, during the first 12-month period, generating income of €99m in trade receipts at Greenstar and making trade payments totalling €109m. During the 12 months, the firm also recorded €16.8m in debtor realisations.

Greenstar commercial director, Jerry Dempsey said “the Greenstar business is trading well”.

“Under new ownership, on a solid financial footing and with new management in place, the business is well positioned for future growth,” he said.

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