The Commercial Court has ordered independent TD Mick Wallace to pay debts of more than €19m to ACC bank.
Summary judgment was entered against the Wexford property developer who gave personal guarantees on five unpaid loans issued to his company between 2004 and 2008.
The Wexford TD stood with his arms folded as his lawyers entered no defence to ACC's claims against him and his company M & J Wallace.
The bank's counsel told Judge Peter Kelly that Mick Wallace had given personal guarantees on five business loan facilities.
Three were for developments at Garville Grove, North Circular Road and Russell Street - two of which did not get off the ground.
The court heard there was a good working relationship and payments were made up until 2010 when a financial report revealed to ACC that M & J Wallace was insolvent.
A receiver was appointed over his assets last May and today ACC secured judgment in the sum of more than €19m against the business and Mick Wallace personally.
A real concern for the TD is that the bank may move against him to the point of bankruptcy and then he would not be allowed to stay on in the Dáil
.
No comments:
Post a Comment