Sunday 20 August 2017

AIB pockets €250,000 from Wallace sell-off

Mick Wallace
Mick Wallace

Gordon Deegan

State-owned Allied Irish Bank (AIB) has pocketed €250,000 from the €295,000 sale of one of independent TD Mick Wallace's main firm's four Temple Bar apartments, new figures show.

The apartment at 43 East Sussex Street was part of a group of four apartments that once had a value of €2.5m and were formerly owned by Deputy Wallace's main firm, M&J Wallace Ltd.

AIB appointed Gerry McInerney of McInerney Saunders of Swords as receiver to certain assets of M&J Wallace Ltd in 2012.

According to Mr McInerney, the three unsold apartments have a total value of €900,000, leaving the overall value of €1.195m after the sale of Apartment Two at 43 East Sussex Street is taken into account.

The purchaser of the the apartment is listed as a Gerard Balfe with the sale completed on November 21 last.

Last year, AIB absorbed a major loss on the €4m it loaned to Mr Wallace to purchase a site in Dublin.

This followed Mr McInerney securing €510,000 from the sale of the site at Morean Rd, Walkinstown in Dublin 12.

The total amount realised by Mr McInerney from the sale of three M&J Wallace assets is €870,000.

At its peak, Mr Wallace's construction business was worth €80m.

The filings also show two former M&J Wallace commercial units at No 3 and 6, Quartiere Bloom, Lower Ormond Quay, D1 are valued at €570,000.

The receiver's extract also shows two office units on the 2nd floor, Block B, Quartiere Bloom, Ormond Quay, D1 are valued at €300,000.

McInerney Saunders received fees totalling €10,549 in the six months between September 25 last to March 24 and this is in addition to the €11,070 received by the receiver in the period September 2013 to March 2014.

No receiver fees were paid in the March to September period last year.

The figures for the most recent six-month period show that Allsop received auctioneer fees of €3,690 with Gore & Grimes receiving legal fees of €3,790 while Hooke & MacDonald was paid auctioneer fees of €6,239.

In 2011, ACC Bank appointed its own receivers to a number of other Wallace properties.

Mr Wallace has previously said he owes €40m to various banks. These are understood to include Ulster Bank, AIB and Bank of Scotland Ireland, as well as ACC.

Irish Independent

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