In what will no doubt be seen as the Boom’s biggest Bust, Johnny Ronan and Richard Barrett’s business has been wiped out in the face of shattered property values, a 2.7 billion euro debt and a series of high profile battles with Nama.
Justice Brian McGovern appointed liquidators in the High Court to take immediate control of Treasury and 16 of its subsidiaries. The business which has been marked as hopelessly insolvent was sentenced to death after Belgian bank KBC took the company to court over a 70 million euro debt.
Michael McAteer and Paul McCann of Grant Thornton were appointed as the official liquidators of Treasury. This is in addition to the separate appointment of receivers to some of Treasury’s assets earlier this year.
As quoted in the Independent Grant Thornton said “Receivers previously appointed over specific assets will continue to manage and act over these assets, while the liquidators have a duty to all creditors and will be responsible for the unencumbered assets of the company, . It is the intention of the liquidators to ensure that management services provided by Treasury continue uninterrupted, and that the impact of their appointment is kept to a minimum.”