Spencer Dock receiver costs to top €15m

THE costs of the receivership for Treasury Holdings’ main Spencer Dock firm now total over €15.3m.

That is according to the latest receivers’ extract lodged with the Companies Office for the former Johnny Ronan company.

The figures show that the costs of the receivership remain significant. The amount paid out in professional, management and receiver fees concerning the six-year-long receivership of Treasury Holdings’s firm now totals €15.3m.

This follows professional, management and receiver fees totalling €639,563 in the latest six-month period of the receivership from January to July of this year.

Prior to the latest six-month period, the costs of the receivership totalled €14.69m.

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.

The breakdown for the latest six-month period shows that €405,502 has been paid out in property management fees; professional fees of €174,159 and receiver fees of €59,902.

The new figures show that the thriving property market in Dublin resulted in the sale of nine separate properties with prices ranging from €485,000 to €310,000 in the period be- tween January and July of this year.

The total received from the sales of the properties is €3.67m. Spencer Dock Development Co Ltd was placed in receivership with net liabilities totalling over €401m.

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

At the end of five years in receivership, the company had receipts totalling €95.7m.

Payments made arising from the receivership total €86m.