Friday 21 June 2019

Judge told of a 'change in financial circumstances' of new MEP Mick Wallace in home re-possession bid

Mick Wallace pictured on the campaign trail in Mallow, Co Cork
Mick Wallace pictured on the campaign trail in Mallow, Co Cork

Ray Managh

A judge was told today in a bid by a bank to re-possess the Dublin residence of Mick Wallace TD that there had been “a change in his financial circumstances” following his election as a Member of the European Parliament.

Wallace, who has previously been declared a bankrupt by the High Court, was granted an adjournment by Judge Jacqueline in the Circuit Civil Court of AIB Mortgage Bank’s application for possession of No 13 Clontarf Road, Dublin 3.

Chris Lehane, official assignee in Bankruptcy, was named as first defendant in the bank’s proceedings but in an affidavit by a bank manager it was stated that the official assignee was not making any objection to a creditor seeking a court order for possession of the house.

No 13 was stated to be the primary residence of Wallace which, the court has heard, was purchased on 29th April, 2004 on foot of a mortgage loan of €825,000 on which there were agreed monthly instalments of €2,270.

Judge Linnane at earlier hearings was told that Wallace, who is described as bankrupt in the proceedings, had failed to keep up the required monthly repayments and the bank was now owed €910,800 which it was seeking to recover through the courts.

The bank had informed the court that on 19th December, 2016 Wallace had been adjudicated a bankrupt by the High Court and as a bankrupt his interest in the property had become vested in the Official Assignee, Mr Lehane.

Judge Linnane after being told Wallace had become an MEP which would result in a change in his financial circumstances, formally adjourned the bank’s application into the new Trinity law term which begins on June 19.

Mr is expected to be formally elected to European parliament today for Ireland South. MEP salaries currently stand at just over €105,000-a-year.

A TD's salary is just under €95,000.

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