Personal guarantees on bank loans key to judgement against Wallace

Independent TD Mick Wallace has admitted he does not have the money to repay the €19m he owes to ACC bank.

The builder from Wexford has been ordered to pay back the loans by the Commercial Court. He gave personal guarantees on loans issued to his company M and J Wallace between 2004 and 2008.

The Independent TD admits his is not a very good position to be in.

"I accept the judgement of the court. I borrowed the money. I can’t pay it back. That's my problem," he said.

If ACC goes go down the bankruptcy route, this could affect the builder's other livelihood as a politician as bankrupts aren't allowed to sit in the Dáil.

Insolvency solicitor Graham Kenny said ACC had a number of options now that it has secured the judgment.

"It's up to the lending institution to decide how to enforce (the judgement). They may wish to simply register the judgement against any properties Mr Wallace has or ultimately proceed to bankruptcy, but that would be fairly draconian," he said.

Bankrupts are not allowed to sit in the Dáil
.