€2m Wallace judgment hearing for January
The Commercial Court has fixed next month for hearing an application for €2m summary judgment orders against Independent TD Mick Wallace.
The €2m is due and unpaid under the terms of a guarantee and indemnity dated March 30, 2009, from the TD, who was a director of construction firm M&J Wallace Ltd.
In a letter of June 23, 2009, Ulster Bank agreed to make available a facility of €2.1m. The debt was later taken over by Promontoria (Aran) Ltd of Grant's Road, Lower Mount Street, Dublin.
It is claimed M&J Wallace failed, refused or neglected to make repayments. The proceedings are being brought by Promontoria.
In August last, it is claimed Promontoria demanded repayment from the Wallace firm of €2.2m. In an affidavit, a Promontoria director said the guarantee and indemnity provided that Mr Wallace unconditionally covenanted to pay and guarantee payment of an amount not to exceed €2m.