A receiver has been appointed by ACC Bank to a number of properties controlled by developer and TD for Wexford, Mick Wallace.
Declan Taite of FGS was appointed last Tuesday to the Italian Quarter on Ormond Quay in Dublin city centre, the Behan Square apartment complex on Russell St near Croke Park, and to development land in Rathgar, Dublin 6.
All the assets were under the control of Mr Wallace’s main development company, M&J Wallace Ltd. It is understood that ACC Bank is owed €20m, and had fixed charges over the specific assets in question.
In recent times, Mr Wallace has made no secrets of the financial difficulties facing his company, as a result of the collapse in the property market.
Mr Wallace recently admitted that he owed €40m to various banks. These are understood to include Ulster Bank, AIB and Bank of Scotland Ireland. However, these banks have so far not moved to recover their money.
Having been an arch-critic of Mick Wallace and the €40 million he now owes the taxpayers in the past, I feel a hollowness now that it’s all come home to roost. I hope he can pull through and pay his way out of this mess.
I’d also like to say Wexford is a noble place and Mick’s failure is only a symptom of the great entrepreneurial spirit of the county, if that’s a sin then we must pray that God sends us more sinners. God speed you Mick Wallace.
You are living in interesting times, Mac. The age-old alliance between the two Viking towns of Wexford and Limerick has been reforged in steel. However, as Ray D’Arcy is from Kildare he is excluded from any detente and will remain a pussy-whipped dork going forward.