Mick Wallace gets a stay on €2m order

A fund has been granted €2m summary judgment orders against independent TD Mick Wallace over his guarantee of a loan given by Ulster Bank to a company of his. A three-month stay applies on execution of the judgment.

At the Commercial Court yesterday, Mr Justice Brian McGovern ruled the Promontoria (Aran) Ltd fund — the Irish subsidiary of US fund Cerberus — was entitled to summary judgment because Mr Wallace had raised no arguable defence to its claim.

He entered judgment for €2m, the maximum amount of Mr Wallace’s liability under his guarantee of a €2.1m loan made to his company, M & J Wallace Ltd, and also awarded costs against Mr Wallace.