Another receiver appointed to Mick Wallace business

A receiver has been appointed to Ferrycarrig Park, the Newcastle, Co Wexford sports grounds built by Wexford TD Mick Wallace’s construction company, M&J Wallace.

Bank of Scotland (Ireland) has appointed Tom Kavanagh of Kavanagh Fennell under powers conferred by mortgages registered by M&J Wallace and dated July 2008 and June 2013.

AIB and ACC Bank have already appointed receivers to the company on the basis of other mortgages.

The 2008 mortgage against the sports complex, which is home to the Wexford Youths soccer team, is also against an associated 14 acres and a wine licence.

The mortgage is also against 25 and 26 Great Strand Street, Dublin 1, a number of leases between the company and tenants, and a penthouse apartment in the Behan Square complex in Russell Street, Dublin 1. The later mortgage is against 0.143 hectares at Ferrycarrig.

Mr Wallace could not be contacted yesterday and a spokeswoman for Mr Kavanagh had no comment.

AIB has already appointed receiver Gerard McInerney to the Wallace company in respect of a number of properties, including shops and offices in the Quartiere Bloom complex on Dublin’s Ormond Quay.

In 2011, ACC Bank appointed Declan Taite of FGS as its receiver to a number of other properties linked to Mr Wallace's company.

Filings since then have shown that the value of the properties have fallen sharply since the start of the boom. A document filed earlier this year by Mr McInerney said a site bought for €4 million had fallen in value to only €350,000.