Receivership fees of Treasury Holdings firm total €1.59m

Professional and receivers’ fees from the receivership of Treasury Holdings’s main Spencer Dock firm have totalled €1.59 million to date, according to documents filed with the Companies Office.

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 25th, 2012 by the National Asset Management Agency. The y have received €277,857 to date in fees.

The documentation shows a total of €1.314 million has been paid in “professional fees ” over two years from January 2012 , though no detail is provided on what the fees were spent on.

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

The Revenue Commissioners were 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 these is recorded in the various documents lodged by the receivers with the Companies Office.

Net liabilities
Spencer Dock Development Co Ltd was placed in receivership with net liabilities totalling more than €401 million. 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 totals €9.69 million with the proceeds from sales totalling €7.69 million.