Banks recoup €4.8m from M&J Wallace asset receiverships

Three banks have recouped nearly €5m, between them, from the receivership of assets formerly owned by M&J Wallace; main building arm of independent TD Mick Wallace.

Documents recently filed with the Companies Office show ACC Bank, Bank of Scotland (Ireland) and AIB have received a combined €4.8m to date from the receivership of the assets.

The first bank to move against the firm was ACC, which appointed receiver, Declan Taite to Wallace properties in May 2011.