Mick Wallace sale nets €250k for AIB

State-owned AIB has pocketed €250,000 from the €295,000 sale of one of Independent TD Mick Wallace’s main firm’s four Temple Bar apartments.

Mick Wallace sale nets €250k for AIB

The apartment at 43 East Sussex St was part of a group of four apartments that once had a value of €2.5m and were formerly owned by Mr Wallace’s main firm, M&J Wallace Ltd.

AIB appointed Gerry McInerney of McInerney Saunders of Swords as receiver to certain assets of M&J Wallace Ltd in 2012. According to Mr McInerney, the three unsold apartments have a total value of €900,000 leaving the overall value of €1.195m after the sale of Apartment Two at 43 East Sussex St is taken into account.

The purchaser of the the apartment is listed as a Gerard Balfe, with the sale completed on November 21. Last year, AIB absorbed a major loss on the €4m it lent to Mr Wallace to purchase a site in Dublin.

This followed Mr McInerney securing €510,000 from the sale of the site at Morean Rd, Walkinstown in Dublin 12. The total amount realised by Mr McInerney from the sale of three separate M&J Wallace assets is €870,000. At its peak, Mr Wallace’s construction business was worth €80m.

The filings also show two former M&J Wallace commercial units at No 3 and 6, Quartiere Bloom, Lower Ormond Quay, Dublin 1 are valued at €570,000.

The receiver’s extract also shows two office units on the 2nd floor, Block B, Quartiere Bloom, Ormond Quay, Dublin 1 are valued at €300,000.

The figures show that McInerney Saunders received fees totalling €10,549 in the six months between September 25 last and March 24. This is in addition to the €11,070 received by the receiver from September 2013 to March 2014.

No receiver fees were paid in the March to September period last year. The figures for the most recent six-month period reveal that Allsop received auctioneer fees of €3,690, with Gore & Grimes receiving legal fees of €3,790, while Hooke & MacDonald was paid auctioneer fees of €6,239.

In 2011, ACC Bank appointed its own receivers to a number of other Wallace properties. In 2012, Mr Wallace admitted deliberately under-declaring €1.4m of Vat paid to M&J Wallace. He has previously said he owes €40m to various banks — understood to include Ulster Bank, AIB, ACC, and Bank of Scotland (Ireland).

More in this section

Budget 2022 Logo

What impact will this  year's budget have on you and your business.

The Business Hub

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day. PS ... We would love to hear your feedback on the section right HERE.

News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up