Developers Richard Barrett, Johnny Ronan and Harry Crosbie saw the value of properties they control via the Spencer Dock Development Company (SDDC) collapse by €115m during the 14 months ended 28 February 2010. The collapse in the value of its investments, which were valued by the directors, meant the company lost €67m in the financial year.

The company had net liabilities of €65m, turnover plunged from €202m to €9.3m, and the consolidated balance sheet shows a deficit of €64.6m compared to a surplus of €90.4m at the end of 2008.

Its bankers, AIB, Anglo and KBC, allowed an interest roll up of €12.6m and a cash payment of €11.25m due on derivative financial instruments was paid from existing facilities.

SDDC has bank facilities repayable on demand of €307m but the group is relying on Nama to renew and rollover the facilities on broadly similar terms.

Talks are underway to extend the master development agreement which was agreed with CIE and is due to expire in 2012.

Harry Crosbie is owed nearly €11m by the company for a deal done in 2004 whereby he agreed to extinguish his rights in respect of structures at the campshire on North Wall Quay. That sum is due to be paid by the end of next month but the company declined to comment on whether it has been repaid. SDDC also has loans of €6m from the directors.

The group made an onerous contract provision of €8.5m after it took on responsibility for the former leases of new tenants in Spencer Dock. It is believed that much of that space has since been re-let to other tenants.

SDDC paid fees of €86.5m to Construction Management Partnership in 2010, down from €111.7m the previous year. The company behind CMP paid a divided of €10m to Treasury Holdings and Sisk during the last financial year for which accounts have been filed.

SDCC's four directors were paid €178,417 during the financial year.

Its National Convention Centre opened last year.