€2m fees paid for Spencer Dock receivership

Professional and receivers’ fees from the receivership of Treasury Holdings’s main Spencer Dock company have totalled €2m to date, new figures show.

€2m fees paid for Spencer Dock receivership

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

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

Finance Minister Michael Noonan earlier this year 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 €1.65m has been paid out in ‘professional fees’ over the two and a half years from January 2012 to July 25 last, though no detail is provided on what the professional fees were spent on.

The new extract relating to the six month period from January 24 to July 25, 2014, confirms that professional fees of €336,894 and receivers’ fees of €60,885 were paid out during the period.

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

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 receivership was unsuccessfully challenged in the High Court by Treasury Holdings.

The five separate receiver extracts lodged by Mr Hughes and Mr Charleton show that the aggregate rental income from the firm’s properties totals €12.79m with the proceeds from sales totalling €11.59m.

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 and a half years in receivership, the company had receipts totalling €30.52m that included the €4.87m in cash — the firm’s payments in the two years and a half years to July of this year topped €28.86m.

The documents show that €8.25m 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 that receivers appointed by Nama in Ireland control 770 residential properties and 701 commercial properties.

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