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AFTER INDEPENDENT TD Mick Wallace was declared bankrupt today by the High Court, will this affect his role in the Dáil?
No it won’t, thanks to legislation which amended the conditions of bankruptcy two years ago.
In 2014 amendments to the Electoral Act removed bankruptcy as a disqualification from election to (and membership of) the Dáil and the European Parliament.
In 2014 Jillian Godsil challenged this rule, allowing her to run as a candidate in the European elections. The law, which had been in place since the foundation of the State, was then abolished in April 2014.
Other changes made to the rules around bankruptcy as part of amendments to the Bankruptcy Act came into effect in January 2016, and some of the main changes include:
Wallace’s former company M&J Wallace Ltd owned a group of buildings, including the ‘Italian Quarter’ area of cafes, bars and apartments on Ormond Quay, Dublin 1.
It was taken over by a receiver at the latter end of the recession, and the value of the properties was decreased considerably because of the economic climate at the time.
On RTÉ’s Drivetime this afternoon, Wallace said that the court decision to declare he was bankrupt wasn’t unexpected, and “was just a matter of time really”.
He then gave the ‘ladybird’, or short and simple version of events that led to his bankruptcy.
“I had about 40 properties in Wexford, Italy and Dublin, and Ulster Bank said I should work with them instead of going into the receivership madness, and that they would start selling them at the time (2011 – 2012).
“They wanted to clear books and they didn’t care what [price] they got [for the properties]. They sold 39 properties, and one of these ended up in a bag of assets that Cerberus happened to buy, which included my personal guarantee.”
A personal guarantee is a pledge to the bank that if your business goes bankrupt, you will compensate them with something you own personally – such as your house, your car, or your private property.
Wallace says that the American property firm Cerberus, that pushed for Wallace to be declared bankrupt in the High Courts, then ”came looking for the €40 million personal guarantee, but obviously I can’t pay it”.
Wallace says that he’s not sure what will happen next in the process, and that he’s even unclear about whether he will lose his family home in Fairview, “the last property I own on the planet”.
“I was in business, and it’s great when it works, we never lost money in 20 years. You take risks, and it’s great when it works. I’m not looking for sympathy.”
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What amazes me is that some people in Wexford actually voted for this muppet
As opposed to say Howlin or the ex chief whip? Or are Wexford particularly deluded? He is asking questions making.people uncomfortable. Don’t have a huge amount of time for him but he has a use for now. NAMA in particular need scrutiny
@Mike Cantwell: When we saw the shower of shite from FF, FG and Labour on the ballot, there wasn’t much option.
He only got little more than half the votes this year as he did the first time out. Hopefully he won’t get any the next time. An absolute muppet and embarrassment.
@Mike Cantwell: Because down here we get nothing but cuts cuts cuts. They want to close the Gorey to Rosslare rail line. The roads are a disgrace. They want to transfer our ambulance service and A+E to Waterford.
But Rosa he did say he would deal with National politics and not local issues and ye still voted for him !
Was about to point out the same thing. Wallace has never once spoken up on local issues. I know others take it to the opposite extremes (like those boyos in Kerry) bit still, it would be nice to have a TD who will at least go through the motions on local issues.
And @Rosa – probably the biggest road project in the country right now is taking place in Wexford (the Enniscorthy bypass). Wexford hospital (including A&E and ambulance station) got a massive upgrade on past two years or so. There are many parts of the country would love that sort of investment.
Don’t forget his convenient transfer of a 500k to his brother for a ‘debt’ just as the banks were moving in. http://www.dailymail.co.uk/news/article-2160479/Irish-deputy-Mick-Wallace-gave-500k-winery-brother-time-refused-pay-tax.html
Wallace shown up for the colossal failure he is. A national embarrassment
He went bankrupt as many many business people have. Jesus, how many times has the Cheeto Benito across the pond being bankrupt?
@Steven Casey: banking collapse brought him down.
So he can go bankrupt but when Trump does theres outrage…
The reason Trumps bankruptcies cause outrage is that HE actually made money from them while investors took a hit. Borrowing hundreds of millions, declaring bankruptcy due to the project “failing” , then getting a tax write off going forward , rinse and repeat…
@Poole Hyde: How can you be so sure Mick Wallace didn’t benefit from this? He was selling off shore too. You could easily say he didn’t have Irelands interests in his heart.
@Steven Casey: Ah Steven can you clarify why exactly Wallace is a “national embarrassment” I’d be intrigued to hear your reasoning for such a claim.
How can you be sure he doesn’t have a pink unicorn farm under his house and that he doesn’t have elves making his shirts from pink unicorn pelt ? Can you prove that he made money from bankruptcy? If you can’t all you have is speculation. Trump has admitted that he used the failure of his companies to get favorable tax exemptions going forward. It’s public record as to how he did it. It’s all there in black and white.
That doesn’t need clarification Kerry.
@Gerry McCarthy: It does Gerry. Do you want to clarify it?
I think my last post answers that question.
@Shawn O’Ceallaghan: explains why Wallace has no suit for the dail.
@Gerry McCarthy: You think? Really if you do then clarify your last post.
Fair enough 1. Appears in court in support of a violent criminal claiming his human rights were breached. He obviously doesn’t care about the rights of his constituents if he is campaigning for this thug. 2. Appeared in court in 2015 and offered €5000 cash as an independent surety for a man charged with membership of an illegal organization. 3. Knowingly breaks the law to suit his agenda by trespassing on a runway in Shannon not only breaking the law but having no regard for the health and safety of others. 4. While employed full time as a TD applied for the position of Garda Commissioner even though he had no intention in taking the position, he just felt the need to waste people’s time. 5. Admitted to knowingly under declaring VAT for personal gain. Wallace is a crook who has publicly proven that he can’t be trusted. 6. His appearance is deplorable. If I turned up to work looking like him I would be turned straight back out the door. He is a public representative who shows no respect for the people he represents or the position he holds. For me that sums it up really.
@Gerry McCarthy: 1 “After the defence raised questions over the credibility of prosecution witnesses and evidence, Judge Alan Mitchell said that having viewed the CCTV evidence in particular he was dismissing the case.”
I’d think you may well be open to a libel claim there Gerry. Maybe you should ask the journal to remove your comment.
2. Is there some sort of law preventing someone offering €5000 as an independent surety or is it illegal to do that as a TD?
3 Making a political point is illegal? Next you will be calling for all Suffragists to be arrested
4 Might of just being pointing out the position is a farce as we have seen in recent months?
5 And has come to a settlement with revenue.
6 “His appearance is deplorable” Many thanks for that Gerry I needed a good laugh.
Why don’t you let me worry about libel claims. It’s an open comment forum. While the accused was found not guilty on this occasion doesn’t change the fact that he is a convicted violent criminal who’s human rights seem to matter more than his victims. Why isn’t wallace in the courts when thugs like this are being sentenced advocating for the human rights of the victims. Why isn’t he using his political position to campaign for mandatory prison sent for violent criminals and repeat offenders? He is offering bail money for a man accused of being a terrorist. Given the fact that he is bankrupt it appears he sees it as a priority to support accussed terrorists rather than paying his tax bill. While I agree with his political point in Shannon I don’t agree with an elected representative knowingly breaking the law to make that point. Garda Management is rotten there is no denying that but there were other suitable candidates applying for the position and he threw his name in the hat as a joke. He came to a settlement but has stated that he will not be paying it on TV 3 to Vincent Brown. His appearance is deplorable. Explain to me how you find that funny? The man knowingly defrauded the state and was caught. What is your feeling on this? And don’t start on about this settlement nonsense like it excuses his actions.
@Gerry McCarthy: Ah Gerry he was caught and has come to a settlement with revenue maybe you should accept that. That one of your concerns about him is his appearance is deplorable sort of shows where your concerns lie. CJ Haughey was always well dressed I believe and look where that got us.
@Kerry Blake no he’s not finished yet with revenue. And yes he does come to work dressed like a tourist……not a public representative. And owing the state 30million is not something to feel funny about.
I won’t accept it. He may have come to a settlement but has stated that he will not pay it. Why would I accept. It says a lot about you that you can accept it. And I think a lot of people agree with me when I say his appearance is deplorable. I come to work dressed to a certain standard as I represent my employers and have to turn out to a high standard. He is representing our country on a global scale and can’t be bothered to dress appropriately.
Kerry accepts this while complaining about the lack of services from the government and that developers and bankers get off Scott free.
How much time did Wallace serve?
I totally agree with you Gerry that his appearance in the Dail is deplorable. Dressing like a gentleman doesn’t make one a gentleman but certain jobs require one to look respectable.
Lowry is still one, so why not?
FF are still there and they bankrupted the entire nation.
@Poole Hyde:
I’ve no problem with his bankruptcy.
Some businesses fail. That’s life and no one should be blamed for trying to provide employment.
I’ve a massive, massive issue with his misappropriation of VAT though.
His VAT issues have already been resolved with Revenue and are not even the topic of the article….but sure any excuse huh?
The VAT issue is far from resolved. Even though I believe he is paying some back monthly, I don’t think the state will ever get all the money back that he stole.
Reg, did you miss the part where Revenue have accepted that he’s making efforts to repay them and are no longer pursuing him through the courts effectively closing the matter. This was over four years ago. Jesus if Revenue wanted they could haul him through the courts for ever. It’s over as far as they’re concerned….
@Poole Hyde: Some people just don’t understand how things work Mr Hyde…..Sadly most of them will vote FF and FG the parties who actually bankrupted a country……
@David Hear hear
Well we have gun runners in the Dail so why bankruptcy
@Poole Hyde:
Actually, Mick is not paying anything to Revenue since he was re-elected and still owes millions.
How do i know? Well, in the People’s Debate in the Wexford constituency, Mick told Vincent Browne very clearly that, if he was re-elected, he would take “all my wages”., and not give anything to Revenue.
And the good people of Wexford voted for him, so obviously they don’t have a problem with tax evasion on a massive scale.
Look it up, it’s on the TV3 Player.
And he’s not paying it back, to go by his words on Drivetime today. He may go into business again. If he is allowed to do so he may repeat his offence. What is Enda going to do about this den of thieves?
He can’t really talk about public finances going forward now can he?
Look at the state of the FG party, their previous Minister for Small Business owes million and their current chief whip owes hundreds of thousands for her failed business. She actually got a promotion from the party even though the slimeball didn’t pay back a cent.
Why can’t he? You think being bankrupt means he shouldn’t do his job?
I agree. It’s no wonder that Regina Doherty doesn’t let others get a word in edgeways when being interviewed or on a TV or Radio panel. It might give them time to ask awkward questions about her business affairs and silly unquestioning loyalty to Enda Kenny ? What Neck ?!
@PaulJ: And all the failed, bankrupt developers that played their part in the bank collapse. Borrowed Billions, never paid a cent back. The taxpayer was forced to pay their bills. And welfare to the tune of 200,000 a year to go along with the nod and blessing for not paying their debts.
And the shills have the neck to slag off Mick Wallace.
“Mick Wallace said that the High Court decision to declare the Wexford TD bankrupt.”
That subheadline needs work…
Me thinks the journal should spend more time proof reading their own articles rather than scouring Twitter et al for spelling mistakes in the Donald’s tweets or FAI commisioned reports etc
Is this revenge for Wallace criticising Cerberus in the Dail over their role in the NAMA deals in NI?
@Rosa Parks: Yes. Cerberus did not bankrupt any of the other debtors.
He is just crap at businesses
He’s a disgrace. Lucky tough the law was changed so we cam pay his wages now for the rest of his life. Great little country to do business alright
@Mary Murphy: Ah Mary you are aware that a TD has to be elected at least every 4 / 5 years? He’s not a member of FG or FF so he is not guaranteed his seat every election…..
Yes but he gets a nice tidy pension the rest of his life.
@Mick Power: Name one of FF/FG Lab that doesn’t! Name one of the consultants that costs the state 8million a year in “goodbye money”. Or the “retired” county managers and officials that got pensions, golden handshakes and plum jobs in IW with the prospect of another pension and golden handshake when they “retire once more.
Selective faux outrage at Mick Wallace because he upset some of the corrupt gravy train and “fixer fees” for NAMA board members and ex board members.
@Dave Doyle: That should read 8million a MONTH … not a year!!!!!!!!!
Not being a bit selective I’m outraged at the pensions being paid to them all. I was just making a point after Kerry said Wallace mightn’t be getting by the public after the next election.
@Kerry Blake he’s on his second term dear
Wallace has a pair of balls on him.The man has served the Irish people well and long may he remain in politics.
@Paul Mc: by serving.. you mean defrauding, right?
By highlighting the offloading of state assets to vulture funds at knock down prices by our present and previous government. The man made a few mistakes in business but is redeeming himself by courageously highlighting economic treachery.
@Paul Mc: if he was genuinely worried about state assets he’d have paid his VAT bill, not defrauded the state. Instead he reported on a company that he owed 30 million to.. hardly a selfless act
I suppose he was responsible for selling of a mobile phone license to one of his buddies as well.
@Paul Mc: not that I’m aware of, but even if he was, didn’t your mum ever tell you about two wrongs?
Someone else doing something worst, doesn’t make what you do, any less wrong
I would like to courageously not pay my taxes too.
Do you reckon that would be ok?
Not that I agree with how Mick Wallace ended up going about his buisness, but he maybe one of the only men I seen to try to do some good with his wealth when he had it.
I’d say when the elites changed the bankruptcy laws, they were doing it to protect themselves so there wouldn’t be a Cooper Flynn type of threat again. I doubt they reckoned on it keeping Wallace in the Dail, asking embarrassing questions!
@Daisy Chai NSaw: Karma Daisy!!
I wouldn’t have this man wash my car. My 2017 tax will pay for his mess. The Irish voter gets what they deserve.
@Tony Shaw: Wallace has done more in the Dail in his time then FG, FF, and Labour have done since the foundation of this state.
Tony he certainly is a small part of the mess. You make him sound like the devil himself. Total waffle.as you well know.
What has he done Kerry besides trespassing at airports and appearing in Court in support of violent Criminals.
@Gerry McCarthy: Well he has provided reports to the Dail about NAMA proceedings that are being investigated by 3 other jurisdictions. My 2 seconds of thought and I came up with that. Maybe you would like to clarify your claim of appearing in court in support of violent criminals? Bearing in mind the laws of libel in this country that you already have crossed?
@Kerry Blake: including for instance… the Good Friday Agreement???
You either are truly deluded or mentally incapacitated
@Ciaran Whyte: The GFA? Good to see you can not argue your point with out insulting those who disagree with you. Well done you must be so proud of yourself.
@Kerry Blake: believe me, calling you mentally incapacitated is a compliment in the strongest sense, particularly if you think a political agreement that brought peace to this island, pales into insignificance to what Wallace has done
@Ciaran Whyte: Ah a Bertie supporter. Enough said.
@Gerry McCarthy: Maybe you should read that article Gerry carefully
“After the defence raised questions over the credibility of prosecution witnesses and evidence, Judge Alan Mitchell said that having viewed the CCTV evidence in particular he was dismissing the case.”
Thanks I did enjoy it!
@Kerry Blake: you’re full of shite… can’t answer a straight question. How about Neutrality then? Has he contributed more than that? Or our membership to the EU?
It is the defences job to challenge witnesses and evidence. Case has to be proven beyond a reasonable doubt for a conviction and the case wasn’t proven. Wallace was not present during the incident yet supports the accused to get a few headlines. It’s nice to see where his priorities lie
It seems by the outcome of the case the TD’s concerns and support may have been justified? When did it become abhorrent to care about the constitutional and human rights of a citizen of this country?
@Ciaran Whyte: Ah Ciaran what was the question? BTW calling someone full of shite is a tactical admittance that you can not in an adult way refute what the other person is saying. Come back to this forum when you grow up.
@Gerry McCarthy: Apparently the accused was an innocent party according to the article and the judge in the case that you so helpfully posted? I’m all for TD’s supporting innocent parties in the courts to be honest.
@Kerry Blake: so… has Wallace done more for the state than neutrality, or entry to the European Union, or introduction of divorce?
@Ciaran Whyte: or are you too too ignorant and stupid to read a thread, and understand what’s being asked, without deflecting?
This thug is an animal that never gave a thought about the human rights of his victims. Now he is in his holiday camp known as prison, with free gym, Sky TV, playstations, food and immediate access to health care. It’s these human rights campaigners that have turned prisons in Ireland into holiday resorts.
@Ciaran Whyte: Think your fighting with yourself Ciaran…….
@Kerry Blake…….what exactly has he done???. Apart from have tantrums and paint the company who bought his debt as the ones who caused his problems. And dressing like a tourist certainly doesn’t help his image.
When the person being supported obviously doesn’t give a toss about the constitutional & human rights of anyone else Micheal de Burca.
Should Ulster Bank be allowed to sell these personal guarantees? To me this is open to abuse and allows the bigger to get bigger and silence anyone who stands up. He can walk away now.
No they should not. Mick Wallace aside they’re selling these guarantees to international hedge funds who are only interested in asset stripping. It’s the equivalent of your local pub selling your tab to the local leg breaking loan shark.
I agree. The contract is between 2 parties and so it should remain. Not transferable.
Healthy democracy requires an outspoken and fearless individual who is not afraid to challenge the status quo and vested interests.
Does he still own his hair
He could make some money out of that. Hell, Donald trump might need a new wig!
Now if only some of them could be declared morally bankrupt and expelled…
He sacrificed his wealth for the good of the Irish people. I will vote for him again.
@Rosa Parks: what wealth? He didn’t have wealth, he had debt! He borrowed irresponsibly and his company folded when the debts weee called in. The only sacrifice he made was to defraud the Irish people when he made false declarations on tax returns
What planet are you living on Rosa? Politicians, bankers, property developers, business people etc don’t do anything for the good of the Irish people. They are self serving.
The Irish people wish you all the best Mick.
Maybe Mick should have employed one of those financial asset stripping wizzkids himself? I’m not a big fan of his politics but he did employ many people when he was in business and one of the consequences of our collapse is that bankruptcy is now not such a pariah which might be fair to some degree when you consider there would be far less business and employment about if some folk didn’t take risk.
@winston smith: Quinn also employed a lot of people and now we’re paying for his mistakes by a premium on our insurances.
He did – take a look at the directors wages the year before bankruptcy. Plus the theft of the vat payments
Jillian feckin’ Godsil. An absolute no-hoper from Wicklow who was never going to be in the running for a seat in Europe anyway. And now, if it wasn’t for her, we’d be rid of this muppet from the Dail.
If it’s OK for Regina Doherty and John Perry, then it should be OK for Mick Wallace.
I see the Blueshirt trolls are busy this evening
@Rosa Parks: Bit pathetic that most of them seem to be commenting on his hair Rosa…..
There is a soup named after him…thick country vegetable..
If owing millions in VA THAT didn’t then this hardly will! Pr**k
@Gerry McCarthy: I think you mean VAT Gerry? BTW Wallace and revenue came to a settlement so what you said is null and void. Unless you don’t believe in the rule of law?
Revenue and settlement. Does that mean paying though? Wallace currently has a use to the taxpayer.
Yes VAT! Predictive text you know. Nice to hear he came to an agreement with revenue. Only after he was caught out though!! He’s as crooked as the rest of them.
@Kerry Blake: coming to a settlement is not the same as paying that settlement. He defrauded the Irish people and has still not paid back that debt. Much like the debt he took out whilst in business
@Ciaran Whyte: Revenue seem happy with the settlement they came to with him. Who am I to argue with an arm of the state that agreed that settlement?
@Kerry Blake: he has made the settlement… NOT PAID the settlement.
@Ciaran Whyte: But is paying it.
@Kerry Blake: indeed… and if he lives until 2068 it will be paid in full
@Ciaran Whyte: Yup and that is what revenue an arm of this state agreed to. Maybe you should take up your complaint with them?
I’m sure you’re very happy to argue with other arms of the state Kerry Blake.
This could be a hair shirt existence for the TD.
@Irish big fellow: There’s plenty more that should wear it before it touches him.
Out the Fu#k with ya!
He has lovely hair though – that bounce !
Like he just stepped out of a salon.
You don’t need money to have good morals.
He is lovely hair
@Ken Pepper: He is also loud shirt wearer.
At least now he has an excuse for looking like a scruff bag ..!
Keep up the good work Mick, your one of few politicians highlighting the problems in this hell hole of corruption called Ireland.
@ Grainne author Why are you even asking this?? Did you not fact-check and see that he can under law !!?
What about pension contributions he didn’t remit on behalf of his employees, he has no issue taking money that doesn’t belong to him and yet feels he’s in a position to condemn others
Potatoes.
Didn’t see this kind of media hounding when Regina Doherty was declared bankrupt.
Do you need to ask that question? People who take on loans of 30 million, have balls. They won’t care about public censure. Mick is giving us – and the Banks- the two fingers, as someone will have to ‘settle’ this debt. The sad thing ( in Ireland) is these people are fated?
I believe Mick Wallaces building company are doing work for a company owned by one Denis O Brien, curiouser and couriouser.
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