Court rules against Wallace attempt to secure documents from ODCE

Judge rules documents sought by TD in case against disqualification orders are irrelevant

TD Mick Wallace:  a High Court judge has ruled certain documents sought by him and his son to defend a fund’s application for disqualification orders against them under the Companies Act are either unnecessary or irrelevant. Photograph: Collins Courts

TD Mick Wallace: a High Court judge has ruled certain documents sought by him and his son to defend a fund’s application for disqualification orders against them under the Companies Act are either unnecessary or irrelevant. Photograph: Collins Courts

 

A High Court judge has ruled certain documents sought by TD Mick Wallace and his son, Sasha, to defend a fund’s application for disqualification orders against them under the Companies Act are either unnecessary or irrelevant.

Among the documents sought was material relating to the motivation for bringing the disqualification application and the attitude of the Office of the Director of Corporate Enforcement to it.

Mr Justice Robert Haughton held on Monday that material was unnecessary and irrelevant as the application concerned the Wallaces’s stewardship as directors of Mr J Wallace Ltd prior to the fund’s appointment of the liquidator who brought the application, fixed for hearing on October 23rd.

Loans

Michael Leydon was appointed liquidator by Promontoria Aran, a subsidiary of US fund Cerberus, arising out of a €2 million judgment obtained against the company in relation to the Italian Quarter development in Dublin.

The TD previously raised questions over the Cerberus €1.6 billion purchase from Nama of a group of Northern Ireland-linked loans, called Project Eagle.

The liquidator, represented by Stephen Brady BL, is pursuing an application for orders under the Companies Acts to have the respondents disqualified from acting as company directors, or alternatively restricted in that role.

In a preliminary application, the Wallaces sought documents concerning contacts between the ODCE and Mr Leydon where the ODCE told the liquidator he was not relieved of bringing disqualification proceedings. The judge held those were not relevant.

He also held the Wallaces had been given the relevant extracts of a report by Mr Leydon to the ODCE and were not entitled to the full report.

He awarded costs of the discovery application against the Wallaces.