Court bid to repossess Mick Wallace’s Dublin home is adjourned

Judges hears Wexford TD has ‘change in his financial circumstances’ after MEP vote

A judge hearing a bid by a bank to re-possess Mick Wallace's Dublin residence has been told there had been "a change in his financial circumstances" following his impending election as a member of the European Parliament.

Mr Wallace, the Independents 4 Change TD for Wexford, looks set to be elected to the European Parliament.

The results of the 19th count in Ireland South are expected to see him comfortably reach the quota to take the third seat in the five-seat constituency on Wednesday afternoon.

Mr Wallace, who has previously been declared a bankrupt by the High Court, was granted an adjournment by Judge Jacqueline Linnane in the Circuit Civil Court of AIB Mortgage Bank's application for possession of No 13 Clontarf Road, Dublin 3.

No 13 was stated to be the primary residence of Mr Wallace which, the court has heard, was purchased on April 29th, 2004 on foot of a mortgage loan of €825,000 on which there were agreed monthly instalments of €2,270.

At earlier hearings, the judge was told that Mr Wallace, who is described as bankrupt in the proceedings, had failed to keep up the required monthly repayments. She was told the bank was now owed €910,800, which it was seeking to recover through the courts.

The bank had informed the court that on December 19th, 2016, Mr Wallace had been adjudicated a bankrupt by the High Court and as a bankrupt his interest in the property had become vested in the Official Assignee, Chris Lehane.

Mr Lehane was named as first defendant in the bank’s proceedings. But in an affidavit by a bank manager, it was stated that the official assignee was not making any objection to a creditor seeking a court order for possession of the house.

Judge Linnane formally adjourned the bank’s application into the new law term, which begins on June 19th.