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Laura Hutton/Photocall Ireland

Receiver appointed to TD Wallace's construction properties

ACC Bank has a receiver appointed properties owned by M & J Wallace Limited, the building company of Mick Wallace.

SOME PROPERTIES BELONGING to the construction company of independent TD Mick Wallace have entered receivership, with the company having about €40m of loans due to ACC Bank.

InsolvencyJournal.ie records that Declan Taite of business advisory firm FGS was appointed as a receiver by ACC last week, as the bank is believed to be owed €40m by the struggling builder’s empire.

Wallace admitted last month that he was probably about €40m in debt, saying that the rental income being made by his company M&J Wallace Ltd being handed over in almost its entirety to its creditors.

At that time he expressed his hope that banks would continue to be patient with him and allow his company to work its way out of his debts, but clearly that wish has not reached fruition.

It remains unclear whether Wallace’s own solvency might be at risk, as it is unknown whether he offered any personal guarantees for his company’s borrowings.

If Wallace has offered such guarantees, the receiver may seek to pursue the debts from Wallace personally – potentially forcing him into bankruptcy, and therefore disqualifying him from membership of the Dáil to which he was elected just three months ago.

The scale of any debts for which Wallace is personally responsible could dwarf his personal income of just over €92,000 a year in respect of his work as a TD.

[Hat-tip to NamaWineLake for spotting the entry.]

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14 Comments
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    Mute Colin Moran
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    Sep 22nd 2015, 7:50 AM

    Want to stop people breaking into your house? Keep the bustards locked up the first time they do it!

    1520
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    Mute Richard Cynical
    Favourite Richard Cynical
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    Sep 22nd 2015, 8:17 AM

    get a dog, preferably a big one

    491
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    Mute VinHeffer89
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    Sep 22nd 2015, 8:34 AM

    Dogs, hedges and gates. Make your house as unattractive to burgle as possible, it’s the way to go.

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    Mute Ryan Keegan
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    Sep 22nd 2015, 8:39 AM

    or a gun

    339
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    Mute Pete Gibson
    Favourite Pete Gibson
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    Sep 22nd 2015, 10:10 AM

    Dedicated burglars know all about timers.
    The absence of a car outside is their main clue.
    Buy an old banger and park it outside.The worse condition the banger is in the better.
    Old banger = not rich.

    224
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    Mute Francie Coffey
    Favourite Francie Coffey
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    Sep 22nd 2015, 10:39 AM

    My biggest problem with burglars is making sure they don’t wake the neighbours with their screams…

    177
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    Mute Saul Goodman
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    Sep 22nd 2015, 10:46 AM

    Buy a shotgun and let everyone in town to know about it.

    97
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    Mute Liam O'Reilly
    Favourite Liam O'Reilly
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    Sep 22nd 2015, 10:59 AM

    I suspect a gun in the house would make you as much a target as it would be a deterrent.

    Shotgun isnt much use if you are not in the house …..

    72
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    Mute rory conway
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    Sep 22nd 2015, 11:34 AM

    Better to put up a large sign advertising Rottweilers for Sale.

    76
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    Mute Shawn Rahoon
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    Sep 22nd 2015, 12:45 PM

    Totally agree Ryan. Glad to see the vast majority of thumbs in favour of the right to bare arms. They seem to change like the weather here on the journal.

    26
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    Mute Bill McConnell
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    Sep 22nd 2015, 10:04 PM

    Shawn, we all enjoy the right to “bare arms” – can get cold in the winter time though!

    20
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    Mute Frank Dwyer
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    Sep 22nd 2015, 8:24 AM

    why not leave the lights on in all the abandoned Garda stations round the country the thieves might think we have a police force

    744
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    Mute Neal Ireland Hello
    Favourite Neal Ireland Hello
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    Sep 22nd 2015, 8:53 AM

    I’d rather the guards be out and about than sitting in some station twenty-four hours a day signing passport applications.

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    Mute terrence
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    Sep 22nd 2015, 2:00 PM

    comment of the month!! take a bow sir

    14
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    Mute Rodger 5
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    Sep 22nd 2015, 8:01 AM

    How many thefts are carried out by people on bail? Victims of these vermin should have the right to sue the state & that would end it.

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    Mute ian flynn
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    Sep 22nd 2015, 8:07 AM

    Want to stop people breaking into your house? Vote for a government that will close rural garda stations, impose laughable sentences, reduce gardai numbers and divert Garda resources to water protests. The lights are on but there’s nobody home.

    382
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    Mute Le Tigre
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    Sep 22nd 2015, 8:18 AM

    Don’t tell me to leave my lights on, TELL BURGLARS NOT TO BURGLE! #victimblaming

    273
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    Mute John Campbell
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    Sep 22nd 2015, 8:32 AM

    Le Tigre, point well made! Of course householders should ensure that their homes are not easy to break into. Prevention is paramount, and the best way to achieve this is to deter the burglars by stiffer sentencing and more in your face policing. Blaming the victim only adds insult to injury!

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    Mute Liam O'Reilly
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    Sep 22nd 2015, 8:34 AM

    Its not victim blaming. Its a deterrent.

    There is a difference.

    But yes, the real issue here is how lenient sentences are. No one with 20+ convictions (or 10+ for the same offense) should be out in the community.

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    Mute Andrew Halpin
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    Sep 22nd 2015, 9:56 AM

    Government conservation advice: leave all lights and taps on

    47
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    Mute afc
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    Sep 22nd 2015, 7:55 AM

    Get an alarm as well. That way your neighbours can complain about the nose of it

    258
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    Mute afc
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    Sep 22nd 2015, 7:56 AM

    In addition to the noise of course

    245
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    Mute Mary Lyons
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    Sep 22nd 2015, 8:37 AM

    When I go away 1 leave 3 radios blaring in my house! Have been doing it for years and have never gotten broken into! Also leave the lights on in various rooms.

    I think the more locked up a house is ,all curtains drawn etc while you are away, the more inviting it is to rob!

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    Mute Chris Enright
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    Sep 22nd 2015, 10:04 AM

    and posting that on the Interne t with an account linked to Facebook. Every thief will be at a house listening for radios and lights left on everywhere.

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    Mute Mary Lyons
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    Sep 22nd 2015, 10:40 AM

    Chris a bit stupid of me alright! Forgot to say I also have 2 Rottweilers and a house alarm.!

    79
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    Mute Chris Enright
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    Sep 22nd 2015, 10:47 AM

    I see people posting on social media the whole time with locations of where they are. It is like an invite for people to rob a place. I know I do sometimes but live where there is always someone at home 24 hours a day 7 days a week all year.

    54
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    Mute Mary Lyons
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    Sep 22nd 2015, 11:58 AM

    I agree everyone should be more mindful. Good advice.

    30
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    Mute little jim
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    Sep 22nd 2015, 8:09 AM

    Would anyone mind if the people with guns left the lights off a few nights a year. We’ll leave ours on and it’ll all work itself out.

    176
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    Mute John Doe
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    Sep 22nd 2015, 7:55 AM

    your lights have more chance of scaring robbers away than the Guards..

    171
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    Mute Magnus
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    Sep 22nd 2015, 12:11 PM

    True. I leave mine on 24/7. Cost is negligible if you get the right bulbs and you can always see where you’re going at night around the house too. Makes perfect sense to do it. We have this hang up in Ireland about turning off the lights. It’s a throwback to previous generations when they literally couldn’t afford it but it’s also simply untrue it costs a lot of money. It’s only a pence, not a few pounds.

    29
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    Mute John Reese
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    Sep 22nd 2015, 8:48 AM

    A house is a man’s castle. It is where his wife and kids live. Break into that space and it is open season for getting your head blown off your shoulders.

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    Mute Mick McGuinness
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    Sep 22nd 2015, 7:58 AM

    Love to see how they feel if their homes were broken into and wrecked and all their gear stolen along with any car or other transport they hey or their family have.

    121
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    Mute littleone
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    Sep 22nd 2015, 8:34 AM

    Maybe government can stop closing rural gardai stations , that would be a start. Even with lights on , some elderly are still being targeted because the burglars know their is no gardai presense.

    114
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    Mute Kieran OKeeffe
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    Sep 22nd 2015, 11:17 AM

    Local had a sign on his gate”This house is guarded by shotgun 4 nights a week..guess which nights”

    87
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    Mute David Conroy
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    Sep 22nd 2015, 11:15 PM

    Or “Rottweiler Can Make The Garden Wall In 2.5 Seconds, Can You ?”

    8
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    Mute David Evans
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    Sep 22nd 2015, 8:20 AM

    Leave the water running sure, robbers will definitely think there’s someone there then.

    75
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    Mute Edmond Mc Grath
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    Sep 22nd 2015, 8:48 AM

    Leave the lights on! Some people can’t afford electricity for cooking and heating never mind keeping the lights on for the burglars!

    71
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    Mute Conor Geoghegan
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    Sep 22nd 2015, 9:16 AM

    Top policing it has to be said, leave the bloody lights on, sure why not leave the heating on as well it gets cold in these winter months …
    How about a fresh approach to neighbourhood watch, tougher sentencing and better policing

    58
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    Mute liam ward
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    Sep 22nd 2015, 8:11 AM

    I want to stop rats trying to break into my home Irish water to blame for disturbing them while digging up my road here in Dublin

    44
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    Mute Martin Hayes
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    Sep 22nd 2015, 8:46 AM

    Maybe the rats just view you as a kindred spirit.

    22
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    Mute Tongueless Ghost
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    Sep 22nd 2015, 8:44 AM

    Leave the lights on. Yeah ok half the houses are robbed during the day ffs, they haven’t got a clue in all fairness.

    44
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    Mute Neal Ireland Hello
    Favourite Neal Ireland Hello
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    Sep 22nd 2015, 8:54 AM

    If you read they article you’ll see that they are specifically talking about the evenings, during which burglaries increase in the Winter months,

    34
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    Mute Tongueless Ghost
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    Sep 22nd 2015, 11:17 AM

    I did read THE article. Most houses are robbed during the the day because the thieving sc#m know that most people are working during the day or they’re gone to pick up the kids from school. Wouldn’t you think the Gardai would know this.

    23
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    Mute Pearse McMullen
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    Sep 22nd 2015, 10:52 AM

    My dog is a cross between a Staffy and a Japanese Tosa (Bull Mastiff) he weighs about 60 kilo, Think i`ll leave the lights off and a little window slightly ajar, If the neighbours here any screams they have agreed to hold off calling the ambulance until i get home and can drag the body outside my property.

    40
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    Mute Ryan Keegan
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    Sep 22nd 2015, 8:38 AM

    Or buy a shotgun

    40
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    Mute louise
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    Sep 22nd 2015, 12:24 PM

    It’s the poor elderly getting attacked in their own homes, lights or no lights.. No one feels safe in their homes anymore. As usual burglars get away with it..

    34
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    Mute Ciara St Lawrence
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    Sep 22nd 2015, 8:21 AM

    Peter Andre has fallen on tough times I see…

    34
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    Mute Carmo Vanderval
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    Sep 22nd 2015, 9:17 AM

    Call the cops! He just stole my heart…

    7
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    Mute Tomasz Kuchnik
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    Sep 22nd 2015, 8:59 AM

    one or couple capable dogs (not chi wow wow or jack Russell with all sympathy for them) and problem should be sorted

    23
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    Mute Kathleen Kavanagh
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    Sep 22nd 2015, 4:07 PM

    They wouldn’t want to catch me on a bad day breaking in – they would be screaming for a priest !

    12
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    Mute Michael Sands
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    Sep 22nd 2015, 6:12 PM

    You nail their hands and feet to your wooden floor?

    3
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    Mute Peter Higgins
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    Sep 22nd 2015, 4:05 PM

    The greatest deterant to crime, be it burglary, murder or anything else, is risk of detection. And alas, in Ireland that’s very low.

    10
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    Mute julie mcguckin
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    Sep 22nd 2015, 1:05 PM

    Yeah let’s all get guns. It’s working out really well for the Americans so why not us?

    8
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    Mute Andrew Halpin
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    Sep 22nd 2015, 9:55 AM

    http://www.thejournal.ie/stolen-homes-millions-1683749-Sep2014/
    Better stuff last year, nice poster, same advice. Still trying to get my head around how they know leaving your lights on prevents burglary? I wonder what % of houses burgled are occupied at the time. Maybe they survey the criminals!!

    7
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    Mute Michael Sands
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    Sep 22nd 2015, 6:11 PM

    Or you can take a hammer to them?
    Or meet them naked and say who’s going to get it tonight lol. Just joking, that is how you answer the door when the priest comes round lol.

    1
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    Mute Maurice Dodd
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    Sep 26th 2015, 9:23 AM

    ireland..where every day is april fools day

    1
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    Mute Michael Sands
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    Sep 22nd 2015, 6:17 PM

    But they say when answering the door late at night to have the outside lights on but the hall light off because if they break in they can be seen but they then can’t see where they are going???
    I heard a Labour man on Brown last night saying why there is less Gardai about as he put it that crime has changed, what a load of slurry… Crime is still the same, it is the government who has changed the Gardai?

    1
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