HIGH COURT MAKES 2 MILLION EURO JUDGEMENT AGAINST MICK WALLACE
The High Court has made a 2 million euro judgement against Wexford TD Mick Wallace.
The Ulster Bank loan, which was granted in 2009, was assigned to an Irish subsidiary of US investment firm Cerberus.
The construction company M*J Wallace was set up by Mick Wallace’s father in 1970, but is now in the hands of a receiver.
In June 2009, it received a 2 million euro loan from Ulster Bank.
But that was later assigned to Promontoria (Aran) Limited, which is a subsidiary of Cerberus – the US investment firm which Deputy Wallace referred to during allegations made in the Dáil in relation to their purchase of a Northern Ireland loan portfolio from NAMA.
The loan was recalled on foot of a guarantee made by the Wexford TD, and the company sought a summary judgement against him earlier this week.
Deputy Wallace argued the assignment to Promontoria wasn’t valid, and claimed it was too early to make the judgement because he could still reduce his indebtedness when the receiver sells a property on Ormond Quay in Dublin.
However, Mr. Justice Brian McGovern disagreed and decided that it was entitled to summary judgement before putting a 3 month stay on it’s execution.