Receiver appointed to properties of Mick Wallace TD
A receiver has been appointed to a number of properties controlled by developer and Wexford TD, Mick Wallace.
ACC Bank, one of the lenders owed money by Mr Wallace’s main development firm M&J Wallace, has appointed Declan Taite of accountancy firm FGS to the Italian Quarter on Ormond Quay, the Behan Square apartment complex on Russell Street near Croke Park and to development land in Rathgar – all in Dublin.
It is understood that ACC Bank is owed €20m and had fixed charges on these properties.
Mr Wallace said earlier this year that he owes a total of over €40m to the banks but doesn’t believe he will be declared bankrupt, which would disqualify him from membership of the Dail.
Accounts for the year to the end of August 2008 show MJ Wallace owed the banks €42.7m
It lost €2.67m during the year and wrote down assets by over €2m.
Mr Wallace has also said in the past that the company, which develops property in the Dublin area, was getting temporary tax certificates from the Revenue Commissioners to allow it to work and to earn money which is used in part to pay debts to the Revenue.