Mick Wallace’s Dublin house must be sold over debt, court told

Debt for property in Clontarf purchased in 2004 now stands at more than €900,000

AIB Mortgage Bank is seeking to repossess a property in Dublin belonging to   MEP Mick Wallace. Photograph: Dara Mac Dónaill/The Irish Times

AIB Mortgage Bank is seeking to repossess a property in Dublin belonging to MEP Mick Wallace. Photograph: Dara Mac Dónaill/The Irish Times

 

There is no sustainable solution to politician Mick Wallace’s debt that doesn’t involve his residence in Clontarf, Dublin, being sold, a court heard on Tuesday.

However, Mr Wallace, who was elected to the European Parliament in the recent European elections, has not been able to sign a final affidavit in the case as he has been in Bolivia observing the presidential elections there, his counsel, Jack Tchrakian, told judge Jacqueline Linnane of the Circuit Civil Court.

Mr Wallace is due back in Brussels tonight and the affidavit should be available by Thursday, the court was told.

AIB Mortgage Bank is seeking to repossess the property on Clontarf Road, Dublin 3, which Mr Wallace bought in April 2004 with the aid of a €825,000 mortgage, and on which there were agreed monthly instalments of €2,270.

The court has heard previously that the debt now stands at more than €900,000. When the matter came before the court on Tuesday, Brian Conroy, for the bank, said the matter had been previously adjourned to allow Mr Wallace to liaise with the bank.

While there had been correspondence, he said, no substantive progress had been made and there was no sustainable solution “that doesn’t involve the property being sold”.

He said Mr Wallace was seeking time to file another affidavit but that there had already been nine filed.

When the judge asked why there was a need for another affidavit and why it hadn’t already been filed, Mr Tchrakian said his client has been in Bolivia for the past week observing the presidential election.

Mr Tchrakian said the new affidavit was short and had to do with acknowledgements his client says transpired during his time as a bankrupt.

The court heard that there is no tenant living in the property. Mr Wallace was adjudicated a bankrupt in 2016 and all his property became vested in the Official Assignee, Chris Lehane.

However, Mr Lehane is not seeking to stop the bank getting a court order for possession of the mortgaged house.

Mr Wallace is no longer bankrupt. The judge put the matter back for mention to November 4th, when a date for the possession hearing will then be set.