Receivership costs for Mick Wallace’s main construction firm top €420,000

Costs associated with the receivership of flagship assets owned by independent TD Mick Wallace’s main construction firm, M&J Wallace now top €420,000.

This has resulted in a surplus of only €44,362 at the end of the latest period covered by receiver Declan Taite of RSM Farrell Grant Sparks (FSG).

In May 2011, ACC Bank appointed Mr Taite to three of Mr Wallace’s main property assets, the Italian Quarter on Dublin’s Ormonde Quay, an apartment complex near Croke Park and development land in Rathgar. According to the receiver’s extract lodged with the Companies Office, it states the 11 residential apartments and nine commercial units located in Dublin 1 have an estimated value of €3m.

The development site with planning permission at Rathgar, Dublin 6, has an estimated value of €1m. The new extract shows while the receiver has received €354,823 in receipts, mainly through rent, costs under the receivership total €420,324. Receiver’s fees are not disclosed.

The receiver had €44,362 in cash on hand at the end of May 16, 2013. This is according to documents lodged by receiver, RSM Farrell Grant Sparks lodged with the Companies Office.

In the six-months between Nov 17, 2012 and May 16, 2013, Mr Taite recorded a €139,494 deficit as costs associated with the receivership topped €249,357, with receipts totalling €109,863.

The largest proportion of costs is not broken down, with €235,220 coming under the heading of ‘other costs’. The surplus of €183,856 for the first receiver period, taken with the deficit of €139,494 from November to May, results in the overall surplus of €44,362. At its peak the business was worth €80m.