Cerberus turns up the heat on Wallace

Vulture moves to wind up family firm

Wallace’s main property vehicle faces closure Pic: Bryan Meade

Vulture fund Cerberus has turned up the pressure on Mick Wallace, and is set to wind up the Wexford independent TD’s main property development vehicle.

Promontoria (Aran) Limited, the company that Cerberus uses to control some of the toxic debt it bought from distressed Irish lenders, petitioned the High Court to wind up the company last week.

M&J Wallace was founded by the independent TD’s father in 1970, but went into dormancy until ...