It seems that the chickens are finally coming home to roost at Treasury Holdings, the once mighty Dublin-based property development company founded by the colourful Johnny Ronan and understated Richard Barrett. Mary Carolan at the Irish Times is reporting that this morning in Dublin’s High Court, Treasury told the court that it was no longer resisting the bid by KBC bank to have the group wound up, and it is expected that liquidators will be appointed on Tuesday next 9th October 2012 when the matter returns to court. The putative liquidators are named as Grant Thornton who are expected to be appointed to liquidate 16 companies in the group.
On Tuesday next, judgment day is expected on the controversial sale of a group company to one of the founders, Richard Barrett in August 2012. There are concerns over the sale, the value of the company sold and the consideration received, and these are set to be addressed on Tuesday next in what promises to be a riveting day at the Four Courts. This morning, it was stated on behalf of Treasury that an affidavit had been provided and you can expect some robust examination of this next week.
What now for Treasury? Their employees, variously put at 45 to 300, may be affected though KBC has said that most of these are employed by the Ritz Carlton hotel and are not employees of Treasury itself. The betting on here is that the Treasury appeal of its failed judicial review bid with NAMA, will now be abandoned and NAMA might be breathing a deep sigh of relief on that one! Will the dynamic duo, Messrs Ronan and Barrett continue to have any role in Treasury? That’s not known but the Ray Burke response about receipts from the Bailey brothers might be apt here.
NAMA continues to be engaged in a wide range of legal disputes with several Treasury companies and also with Messrs Ronan and Barrett personally. So regardless of whatever transpires next week, you won’t have heard the end of the Treasury story for some time to come!
UPDATE: 9th October, 2012. As expected liquidators were appointed to Treasury and 16 group companies today. Michael McAteer and Paul McCann of Grant Thornton are the lucky pair who will need sort out the €2.7bn debts of the group, including €1.7bn apparently owed to NAMA. No word on jobs yet.