Receiver appointed to Wallace properties

If I was to holiday anywhere within Ireland then I would choose either Adare, Newcastlewest or Feoghanagh.

Yeehaw we drank their liqour and rode their women.

:clap: :clap: :clap:

All youngfellas in Newcastle west should be sterlised at 16, an awful sesspit.

Would you suggest putting some sort of a chemical castration drug in the kegs in Whispers?

A noble tournament that was too.

I guess noone forced him to take out these loans. He did withdraw fairly substantial salaries from his company last year too I think despite owing suppliers and sub contractors millions. Get the impression he was a genuine sort and a good builder but building up a huge debt pile was did him in the end. ACC bank wont waste much time flooding the market with their end of it.

You cant be bankrupt and a TD I think, so Lowry (once Tribunal costs are awarded against him) and Wallace are unlikely to see out the full term of this government I would think.

Does this mean the Wexford Youth experiment is likely to go the same way as Sporting Fingal and other developer driven LOI clubs?

other developer driven clubs?

such as?

You may be shocked to learn SS, but Whispers has been closed for nigh on 2 years.

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25/05/11 09:09[/font]


Mick on the Vinnie show at the moment.

“I’ve been shafted by ACC” :clap:

Who voted for this coont? What the fook are his policys? Apart from looking like a washed up member of Skid Row who has just emerged from the closet.

A good chance of running into your Munster rugby assailant in one of those places.

Your local one. Gerry Gannon FC or whatever it was called.

Think Cork City might have been promised the sun, moon and stars by some developer too but it all went tits up. Did NAMA save Bohs or what happened in the end there? Liam Carroll was involved in trying to wind them up at one stage but guess he has bigger worries now.

By Michael Brennan Deputy Political Editor

Thursday May 26 2011

INDEPENDENT TD Mick Wallace was staying silent last night on the fate of sub-contractors owed €1m by his building company, M&J Wallace.

The firm has been put into receivership by ACC Bank, which will have first call on the company’s assets.

But sub-contractors who carried out work for the company are classified as ‘unsecured creditors’ and will be the among the last to get paid any money from the receivership process.

Mr Wallace last night failed to answer queries about the prospect of sub-contractors now being even less likely to get paid the money they are owed.

The Wexford builder and businessman also failed to respond to a query sent to his office about whether any sub-contractors had gone out of business due to unpaid debts from his company.

Mr Wallace recently admitted that his construction company owed about €1m to subcontractors and said he was “not happy” about the situation.

As a TD, Mr Wallace will soon have to deal with the Construction Contracts Bill which is designed to help subcontractors avoid losing out if a company gets into financial difficulties.

Taoiseach Enda Kenny has promised to fast track the bill – which was introduced by Independent Senator Fergal Quinn – through the Dail.


According to a political source in Wexford, some sub-contractors still owed substantial sums by M&J Wallace have gone out of business.

There is also concern about the fate of Ferrycarrig Park in Wexford, which is the home of Mr Wallace’s soccer team Wexford Youths. The facility is fully owned by M&J Wallace – but it is now in the hands of the receiver appointed by ACC.

However, Mr Wallace still has control of the wine bars he owns in the Italian Quarter on Dublin’s Ormond Quay.

The wine bars are operated by a separate company, Wallace Calcio Ltd, not affected by the decision by ACC to put M&J Wallace into receivership.

A spokesman for Mr Wallace said that the only properties in the Italian Quarter taken over by the receiver were two apartments.

Mr Wallace owes almost €20m to ACC and has total borrowings of more than €40 million.

Under the 1992 Electoral Act, he will have to give up his Dail seat if he is declared bankrupt.

However, he has said that he does not expect the ACC bank to force him into bankruptcy.

  • Michael Brennan Deputy Political Editor

Mick has worked night and day to ensure his company’s survival. I think it’s most unfair of people to say he is fiddling while Rome burns by being in the Dail talking through his hat when he should be looking after business. Most unfair. His successful fusing of Italianate culture with our vernacular Irish is reminiscent of what the 18th century grand tourists tried to do. As the inventive Lord Charlemont once said before he returned to Ireland to construct the Casino in Marino, “Yes Italy is my mistress but Ireland is my wife”, so it is with Mick. :clap: God speed you Mick Wallace.

A good night for Mick Wallace

Wexford Youths 4-1 Derry City

Page last updated at 21:03 GMT, Friday, 3 June 2011 22:03 UK

Derry manager Stephen Kenny saw his Derry side heavily beaten Danny Furlong scored a hat-trick as First Division strugglers Wexford Youths humiliated Derry City in the FAI Cup third round.

Furlong got round the back of Tommy McCallion to shoot under Gerard Doherty in the 31st minute.

Just before half-time Furlong netted a penalty and Ben Ryan shot in the third on 71 minutes.

Furlong pounced on a mistake by Barry Molloy to make it 4-0 before City sub Eamon Zayed scored in stoppage-time.

It was an amazing defeat for the Premier Division title challengers who had beaten Galway United 6-0 in their last match.

They had the first real chance of the game when David McDaid hit an upright from James McClean’s ball in.

Gareth McGlynn clipped the bar when City were 2-0 down but Wexford fully deserved to go through against the odds.

Mick Wallace has been ordered to repay €19m to ACC bank.

Delighted :clap:

Take that you pink shirt wearing cunt

Limerick beat them 6-0 a few weeks ago too