Bankruptcy On Christmas Week For Mick Wallace

Wexford TD Mick Wallace has been declared bankrupt in the High Court.

He was found to be unable to pay back multi-million euro loans following an application by the US fund Cerberus. He had previously indicated his intention to look at possible alternatives to bankruptcy, but was unable to come to a Personal Insolvency arrangement. All of his assets will now be transferred to the court's Official Assignee Christopher Lehane, who will try to sell them on.