Monday 21 August 2017

Banks get €5.6m from bankrupt TD's firm

Wexford TD Mick Wallace was declared bankrupt last December. Photo: Steve Humphreys
Wexford TD Mick Wallace was declared bankrupt last December. Photo: Steve Humphreys

Gordon Deegan

Three banks have now pocketed now more than €5.6m from appointing receivers to the assets formerly owned by TD Mick Wallace's main building firm.

Documentation newly lodged with the Companies Office shows that ACC Bank, Bank of Scotland (Ireland) and AIB have received a combined €5.68m to date from the receivership of assets formerly owned by M&J Wallace Ltd.

The AIB-appointed receiver, Gerry McInerney, distributed a further €410,000 to the state-owned bank as a result of a property sale that realised €3944,385 and rental income of €31,980.

The records confirm that Allsop oversaw the sale thattook place on September 28, 2016.

The latest distribution from Mr McInerney brings to €1.6m the sum that AIB has received from the receivership of the Wallace firm.

Receiver

In previous six-month periods, Mr McInerney has returned €150,000, €303,000, €250,000 and €490,000 to the bank.

The first bank to move against the Wallace firm was ACC, which appointed receiver Declan Taite to Wallace properties in May 2011.

The bank has received €3m from the €3.39m in sale and rent of properties formerly owned by the bankrupt Deputy's main building firm.

Tom Kavanagh of Deloitte was appointed by Bank of Scotland (Ireland) as receiver to other assets owned by M&J Wallace Ltd in September 2013.

Documents filed by Mr Kavanagh with the CRO show that Bank of Scotland (Ireland) Ltd has received €977,134 from the €1m in receipts.

Irish Independent

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