Wallace may face action on €2m tax bill

Tax-evading TD Mick Wallace could face bankruptcy action over the €2.1m his company owes the State after admitting he acted illegally.

The Independent TD has insisted it is “very unlikely” his firm will honour its debts to the Revenue, and insists he will not resign despite deliberately breaking the law by knowingly under-declaring Vat.

However, the Revenue warned that failure to pay in such cases could ultimately lead to bankruptcy action against company directors — but such a move could take years.