WTF? Developer gets elected for Wexford who owes €40,000,000

drumm23 · 02-03-2011 12:13AM

Couldn't agree with you more Alejandro.
Amazing that people still -after everything that's happened- don't understand it.

Mahatma coat · 02-03-2011 12:36AM

The people of Wexford know a Few things about Mr Wallace, They know everything that you have said Alejhandro And yet they Voted for him, Why does that annoy you, if you want to question his Record asa politician aty least wait til he gets into the Dail, this just smacks of Bitterness and Begrudgerry, OOOOH He owes people money, he must be a BAD Man, He's not, Mick Wallace IS Different, lets givce him a chance.

Also at the moment he is succesfully servicing his debt and his Wine Business is tippin along nicely.

But for people really worried about him being forced into Bankrupcy, remember what the J part stands for in M & J Wallace

tho it'll never get that bad

drumm23 · 02-03-2011 12:43AM

Mahatma coat wrote: »

tho it'll never get that bad

Yeah, because land will treble in value "in a few years".

'Course it will Mick.

bluesteel · 02-03-2011 12:57AM

Mahatma coat wrote: »

Also at the moment he is succesfully servicing his debt and his Wine Business is tippin along nicely.
P

He is in his hole servicing his debt! He admitted so over a year ago! He can't even pay the interest!

Mahatma coat · 02-03-2011 01:06AM

Over a Year ago he stated that there were issues with SOME Interest Repayments, What about Today, is he Paying his Loans Today??? I think you'll find he is.

You will also See that he has a Tax Clearence Cert, and that his buildings are occupied and operational.

But No Lets all focus on this crazy notion that because he was/is a property developer/Builder He MUST have been one of the ones in the Galway Races tent :rolleyes:

bluesteel · 02-03-2011 01:14AM

Mahatma coat wrote: »

Over a Year ago he stated that there were issues with SOME Interest Repayments, What about Today, is he Paying his Loans Today??? I think you'll find he is.

You will also See that he has a Tax Clearence Cert, and that his buildings are occupied and operational.

Did you read the Irish Times article? Obviously not.
He paid 7mill for a site he reckons is worth 3 mill. The bank want to sell it for 1 mill.

Unless you have inside information from his lenders your just spinning the Upya Boya line.

He's operating with a temp tax clearance cert. Read the article.

latenia · 02-03-2011 01:55AM

bluesteel wrote: »

He paid 7mill for a site he reckons is worth 3 mill. The bank want to sell it for 1 mill.

An 85% reduction in the value of development land is probably correct. If it was really 'worth' €3M surely there would be queues of people wanting to pay €1.5M or more?

yrwhu8jxtni06a · 02-03-2011 02:24AM

Delighted he was elected,we need more less grandeur bull**** in politics

We seem to had got used to the system of the father gets in,sits for years,retires on big pension then we safe to assume ah sure we vote for his son and daughter now and everything is rosie,the public voted out the piece of shít and greedy last government which of course putted a few noses out of joint in the dynasties we had.

Also remembering a certain flynn had money woes and nothing mentioned about that.

joseph brand · 02-03-2011 03:36AM

Mickah "Don't **** With Me" Wallace. Ladies and gentlemen, The Commitments Developers.

alejandro1977 · 24-05-2011 03:05PM

http://www.rte.ie/news/2011/0524/wallace-business.html

Receiver appointed to Wallace properties

A receiver has been appointed by ACC Bank to a number of properties controlled by developer Mick Wallace.

Mick Wallace - Receiver appointed to number of Dublin properties
A receiver has been appointed by ACC Bank to a number of properties controlled by developer and TD for Wexford, Mick Wallace.
Declan Taite of FGS was appointed last Tuesday to the Italian Quarter on Ormond Quay in Dublin city centre, the Behan Square apartment complex on Russell St near Croke Park, and to development land in Rathgar, Dublin 6.
All the assets were under the control of Mr Wallace's main development company, M&J Wallace Ltd. It is understood that ACC Bank is owed €20m, and had fixed charges over the specific assets in question.

Phill Ewinn · 24-05-2011 03:20PM

good.

alejandro1977 · 23-01-2012 02:54PM

I wonder what his supporters have to say now?

He was supposed to have his debts under control.

http://www.irishtimes.com/newspaper/ireland/2012/0123/1224310626780.html

Wallace faces sell-off after move by bank

INDEPENDENT TD Mick Wallace is facing the sell-off of his property empire after ACC Bank obtained judgment mortgages on 23 of his properties.

The bank successfully registered judgment mortgages at the Registry of Deeds and the Property Registration Authority against Mr Wallace and his construction company, MJ Wallace, just before Christmas.

The move gives effect to the summary judgment orders for €19 million which the bank secured against Mr Wallace and his company last October.

The properties affected include his home address in Clontarf, Dublin, as well as houses, apartments and commercial premises across the city.

A judgment mortgage effectively prohibits any dealings on a property unless the debt involved is discharged.

ACC Bank could force the sale of Mr Wallace’s properties, but would first have to apply to the courts to order this to happen.

The bank could also seek to have the TD declared a bankrupt for non-payment of his debts – a move that would force him to resign his seat.

Mr Wallace, who has total debts exceeding €40 million, told The Irish Times at the weekend that he swore a statement for the bank last week setting out all he and his company owned.

He said he had no idea what the bank now intended to do or whether it would take bankruptcy proceedings.

The bank appointed a receiver in May 2011 but Mr Wallace said this applied to the assets of his company and not the company itself. He said that although the company was still trading and employing a few staff, it was effectively “finished”.

Since the judgment against the company, it has struggled to find good work. He said he would not be able to repay his debts because the value of his assets had greatly diminished.

The other banks to which he owed money – which include AIB, Bank of Scotland (Ireland) and Ulster Bank – had so far not followed the example of ACC by pursuing him in the courts, and he still had a good working relationship with them.

Another of his companies, Wallace Calcio, was still operating normally and employing “more than 50 people” in wine bars and other businesses, he stressed.

Mr Wallace criticised some of the press coverage of his business difficulties, saying the impression had been given last year that he had not or would not pay staff pension contributions to the Construction Workers’ Pension Fund.

He said €136,000 was owed in the case, but the outstanding amount was €24,000 at the time of the summons and all outstanding monies had been paid by the time of the court case.

“I was fined [€7,000} for late payment. At no stage did I not intend to pay this money.”

bluesteel · 07-06-2012 09:29AM

TD commits fraud!
http://www.irishtimes.com/newspaper/frontpage/2012/0607/1224317444365.html

Mick Wallace makes €2.1m Revenue settlement

THE CONSTRUCTION firm of Independent TD Mick Wallace has made a €2.1 million settlement with the Revenue Commissioners for under-payment of VAT.

The settlement, which arises from the failure of MJ Wallace Ltd to make full tax returns on apartment sales over a two-year period, will be published on the Revenue’s next quarterly list of tax defaulters next week.

He admits to having knowingly made a false VAT declaration to Revenue but says he did so in order to save his company and expected to be able to pay the money due at a later date.

The people of Wexford were had!

Cookie_Monster · 07-06-2012 09:32AM

so surely that means he can be prosecuted, have a criminal record and be disbarred from the Dail?

Chance of that actually happening though?

Coriolanus · 07-06-2012 09:35AM

Cookie_Monster wrote: »

so surely that means he can be prosecuted, have a criminal record and be disbarred from the Dail?

Chance of that actually happening though?

Not usually, no. A settlement is the usual way, not prison. Though, he's said he can't pay gte settlement, and if he doesn't he may be jailed yet or forced into official bankruptcy, either of which disbar him from the dail

seamus · 07-06-2012 10:18AM

So basically Mick Wallace is as crooked as Seanie and anyone else who was fiddling the books during the boom.

There's a shocker. The man has no credibility now. He should really step down, but I imagine the TD's paycheque is a bit too sweet to let go of voluntarily.

Elmer Blooker · 07-06-2012 10:38AM

seamus wrote: »

So basically Mick Wallace is as crooked as Seanie and anyone else who was fiddling the books during the boom.

Well he's guaranteed to top the poll next time round.
G'wan ya boy ya !

jack presley · 07-06-2012 10:43AM

Can someone explain what 'making a settlement with Revenue' actually means?

All the articles about this state that Wallace made a €2.1m settlement but on the RTE website it says that he said on Morning Ireland that "it was unlikely the money will ever be paid as the company is insolvent"

If he hasn't paid the money and is unlikely to do so, how has he made the settlement?

Pandora2 · 07-06-2012 10:44AM

seamus wrote: »

So basically Mick Wallace is as crooked as Seanie and anyone else who was fiddling the books during the boom.

There's a shocker. The man has no credibility now. He should really step down, but I imagine the TD's paycheque is a bit too sweet to let go of voluntarily.

and the expenses, and the allowances, and the pension!!:rolleyes:

Zimmerframe · 07-06-2012 10:49AM

jack presley wrote: »

Can someone explain what 'making a settlement with Revenue' actually means?

I think it means in this case, that he agreed to pay them, if he had any money which he hasn't, so he has agreed eventually to give them nothing.

seamus · 07-06-2012 10:50AM

jack presley wrote: »

If he hasn't paid the money and is unlikely to do so, how has he made the settlement?

The settlement is basically a handshake agreement about how much he'll pay back. It's typical when someone is in a large amount of arrears that they strike a deal with Revenue to pay back a percentage of that figure and in return it means Revenue don't have to chase it in court and all the associated costs.

Actually getting the payment itself is another matter and might have to be chased in court anyway if he doesn't pay.

The problem is that if Revenue decide that a defaulter can't pay anything and just go straight to court without attempting to come to a settlement, the judge will send them straight home again to go thrash out an agreement. So it's likely that Revenue came to this settlement in the full knowledge that Mick wouldn't be paying it anyway.

southcentralts · 07-06-2012 10:51AM

did I read OP right 40Million?
I am considered a burden on society owing >1000 euros to AIB!

humanji · 07-06-2012 10:52AM

jack presley wrote: »

Can someone explain what 'making a settlement with Revenue' actually means?

All the articles about this state that Wallace made a €2.1m settlement but on the RTE website it says that he said on Morning Ireland that "it was unlikely the money will ever be paid as the company is insolvent"

If he hasn't paid the money and is unlikely to do so, how has he made the settlement?

I'm assuming it's something to do with us footing his bill for him.

Vudgie · 07-06-2012 10:53AM

I wonder if he is taking some time off for Euro 2012, I'd hate to think he would miss any of the matches :pac:

Formosa · 07-06-2012 10:55AM

seamus wrote: »

So basically Mick Wallace is as crooked as Seanie and anyone else who was fiddling the books during the boom.

There's a shocker. The man has no credibility now. He should really step down, but I imagine the TD's paycheque is a bit too sweet to let go of voluntarily.

Genuine question, what is the difference between this fraud and that of the garlic man who got 6 years?

Added to MW attempting to steal employees' pension contributions (for which he was fined €7k), it doesn't look good for him, or for a country that has this sort in its parliament.

Sergeant · 07-06-2012 10:59AM

Mick had a conversion to the church of socialism during his financial difficulties, and is now in the Dáil fighting for the people of Wexford. We must admire his courage, and moral integrity, and not be calling for his head because of a mere triviality like deliberately under declaring to the Revenue.

cuddlylad · 07-06-2012 11:07AM

no point in giving out about him now lads, the people voted him in and then we wonder why the country is f**ked!?? i just cant under stand how people though he was suitable to represent this county when most people knew he was a bankrupt rogue builder before the election. tbh when i see him in the dail i am ashamed to say i am from the irish republic. this man is making a disgrace of all this country stands for and it can be seen from his dress and appearance!

seamus · 07-06-2012 11:10AM

Formosa wrote: »

Genuine question, what is the difference between this fraud and that of the garlic man who got 6 years?

For all intents and purposes it would seem to be about the level of deception.

Wallace underpaid his tax bill, whereas garlic man falsified importation documents to actively evade taxation.

Subtle differences, but I would personally consider garlic man's actions to be more malicious as it's a systematic attempt to defraud the system by deliberately misdeclaring the items he was importing.

One could argue that Wallace's incorrect declaration was similarly defrauding the system, but I suppose his defence of "I was trying to save the business" could be extrapolated out into an intention to pay his full tax bill at a later date. Whereas garlic man wouldn't be able to show any intention of ever correctly declaring his tax liability.

I guess it comes down to Revenue themselves, but the legislation may also have different penalties and requirements when it comes to falsfying customs documents and falsifying your tax return. My suspicion is that the former is a more serious crime which requires a criminal prosecution.

Tzar Chasm · 07-06-2012 11:17AM

To those decrying micks election in wexford

John Brown was also returned to the Dail.

prinz · 07-06-2012 11:19AM

cuddlylad wrote: »

i just cant under stand how people though he was suitable to represent this county when most people knew he was a bankrupt rogue builder before the election....

+1 on this. It's old news that he was a complete and utter chancer.

WTF? Developer gets elected for Wexford who owes €40,000,000

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