Sale of assets will not cover €19m owed

ACC BANK said Mick Wallace’s assets will not realise sums sufficient to cover “or substantially cover” the €19 million it is owed by his company.

Mr Wallace attended at the Commercial Court yesterday when ACC applied to Mr Justice Peter Kelly for the judgment orders. James Dwyer SC, for Mr Wallace, said the defendants had tried their best to co-operate with the bank, and the situation was “regrettable”.

Counsel told the court there were other creditors and the defendants could not resist the bank’s application.