Saturday 19 October 2019

Wallace's financial boost from Brussels delays repossession

Newly elected MEP: Mick Wallace. Picture: Tom Burke
Newly elected MEP: Mick Wallace. Picture: Tom Burke

Ray Managh

Mick Wallace has been granted an adjournment of AIB Mortgage Bank's application to repossess his Dublin residence.

A judge was told there had been "a change in his financial circumstances" after his election as an MEP.

Mr Wallace, who has previously been declared bankrupt by the High Court, was granted an adjournment by Judge Jacqueline Linnane in the Circuit Civil Court.

It follows AIB Mortgage Bank's application for possession of his property at 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.

The house was the primary residence of Mr Wallace which, the court has heard, was bought on April 29, 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 Mr Wallace, who was 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 December 19, 2016, Mr Wallace was adjudicated a bankrupt and his interest in the property had become vested in the official assignee, Mr Lehane.

Judge Linnane formally adjourned the bank's application into the new Trinity law term, which begins on June 19.

Irish Independent

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