Saturday 22 November 2014

Costs hit €420k for takeover of Wallace's assets

Published 01/10/2013 | 05:00

THE receivership of flagship assets owned by Mick Wallace's construction firm has cost more than €420,000.

ACC Bank, one of the lenders owed money by Mr Wallace's main development firm M&J Wallace, appointed Declan Taite of accountancy firm Farrell Grant Sparks to the Italian Quarter on Ormond Quay, Dublin; the Behan Square apartment complex on Russell Street, Dublin; and to development land in Rathgar in 2011.

Documents show the receiver has brought in €354,823, mainly through rent. But costs under the receivership total €420,324.

At its peak, Mr Wallace's construction business was worth €80m. Mr Wallace could not be reached for comment yesterday.

Irish Independent

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