Sunday 18 March 2018

Judgment hearing for €2m against TD Mick Wallace next month

Mr Wallace (pictured) and Ms Daly did not reply to attempts to contact them last night
Mr Wallace (pictured) and Ms Daly did not reply to attempts to contact them last night

The Commercial Court has fixed next month for hearing of 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 M&J Wallace Ltd.

In a letter of  June 23, 2009, Ulster Bank agreed to make available a facility of €2.1m.  It 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, including interest.

In an affidavit, a director of Promontoria, Jonathan Hanly, said the guarantee and indemnity expressly provided that Mr Wallace unconditionally and irrevocably covenanted to pay and guarantee payment on written demand of the bank of an amount not to exceed €2m.

Mr Hanly said under a mortgage sale deed of December 2014, made between Ulster Bank and Promontoria, the bank assigned all right, title interest and benefit both present and future in certain loans including those of M&J Wallace Ltd.

Mr Wallace of Clontarf  Road, Dublin was informed, on October 23 last that the monies were owed  and he told the press a few days later he was taking legal advice, Mr Hanly said.

Mr Hanly said there was no response from Mr Wallace or anyone on his behalf to the October 23 request.

In the Commercial Court Monday (Dec 210, Mr Justice Brian McGovern entered the case in to the list and fixed January 27 for the hearing of the application.

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