Friday 23 March 2018

Wallace firm gets €336,923 in rent

Tim Healy

TAX cheat Mick Wallace's main company is earning €336,923 in rent which is being paid to the receivers, according to court documents.

Almost half the money from the rents has been used to pay for receivers' fees, professional fees and the costs of making a site in Rathgar in Dublin comply with health and safety legislation.

The rents come from Mr Wallace's construction firm M&J Wallace, which owns the Italian Quarter on Dublin's Ormonde Quay, along with an apartment complex near Croke Park and development land in Rathgar.

The company went into receivership in May 2011 after Declan Taite of RSM Farrell Grant Sparks was named as receiver to some of his property assets.

According to information from the receiver lodged with the Companies Office, the 11 residential apartments and nine commercial units located in Dublin 1 have an estimated value of €3m.

The development site with planning permission located at Rathgar is worth €1m.

It is understood that no decision has been made by ACC Bank and the receiver on the disposal of the assets.

Last year, MJ Wallace Ltd made a €2.1m settlement with the Revenue Commissioners concerning under-payment of VAT that includes interest and penalties.

Mr Wallace's Dail office did not return a call for comment. Mr Wallace has previously said he owes €40m to various banks.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business