Friday May 29, 2020

Vulture fund moves to bankrupt Wallace over €2 million debt

Wexford deputy in court over Ulster Bank loan guarantee

7th November, 2016
Wallace was in court for hearing Pic: RollingNews.ie

An Irish subsidiary of US vulture fund Cerberus has applied to have independent TD Mick Wallace adjudicated bankrupt over a debt of €2 million.

Promontoria was granted summary judgment against the Wexford deputy in the Commercial Court last January.

The liability arose from a guarantee he gave to Ulster Bank in relation to the debt of his company, M & J Wallace Ltd. The loan was later acquired by Promontory.

Wallace stood in the back of the court holding a newspaper while his case was dealt with.

His barrister, Keith Farry, asked for the case to be put back for six weeks on the basis that Wallace has yet to appoint or engage with a personal insolvency practitioner. He said his client was waiving his anonymity.

Counsel for Promontoria, Eddie Farrelly, said their side was amenable to an adjournment of three weeks which could be further extended. Promontory is represented by Arthur Cox solicitors.

Justice Caroline Costello put the matter in for December 5. Asked as he left the Four Courts if he were concerned about his potential bankruptcy, Wallace said “life is too short to be worrying”.

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