Monday 22 January 2018

AIB gets €250,000 from sale of Wallace apartment

Deputy Mick Wallace
Deputy Mick Wallace

State-owned AIB received €250,000 from the €295,000 sale of one of Wexford Deputy Mick Wallace's main firm's four Temple Bar apartments.

The apartment, at 43 East Sussex Street, was one of a group of four apartments once valued at €2.5m and which were formerly owned by Mr Wallace's main firm, M&J Wallace Ltd.

AIB appointed Gerry McInerney of McInerney Saunders of Swords as receiver to certain assets of M&J Wallace Ltd in 2012. According to Mr McInerney, the three unsold apartments have a total value of €900,000 leaving the overall value of €1.195m after the sale of Apartment Two at 43 East Sussex St is taken into account.

The purchaser of the apartment is listed as a Gerard Balfe, with the sale completed on November 21. Last year, AIB absorbed a major loss on the €4m it lent to Mr Wallace to purchase a site in Dublin.

This followed Mr McInerney securing €510,000 from the sale of the site at Morean Rd, Walkinstown in Dublin 12. The total amount realised by Mr McInerney from the sale of three separate M&J Wallace assets is €870,000. At its peak, Mr Wallace's construction business was worth €80m.

The filings also show two former M&J Wallace commercial units at No 3 and 6, Quartiere Bloom, Lower Ormond Quay, Dublin 1 are valued at €570,000.

The receiver's extract also shows two office units on the 2nd floor, Block B, Quartiere Bloom, Ormond Quay, Dublin 1 are valued at €300,000.

In 2012, Mr Wallace admitted deliberately under-declaring €1.4m of Vat paid to M&J Wallace. He has previously said he owes €40m to various banks - understood to include Ulster Bank, AIB, ACC, and Bank of Scotland (Ireland).

Wexford People

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