Receiver appointed to Mick Wallace properties!

[cob655]

http://www.rte.ie/news/2011/0524/wallacem.html

What does this mean for Wexford Youths?,Does he still own the club.
Thoughts please?

[Jofspring]

Its been said for a while now that he is in trouble. Hard to know what affect this would have to Wexford Youths. How reliant are they on him.

[DeNiro]

I don't think it will affect Wexford Youths much. The club was set up through a part-government sponsored initiative. No doubt Mick Wallace put money into it, but it wouldn't necessarily constitute one of his assets. It's an amateur club as well. The only thing they could go after would be the club house/restaurant/bar, but that would interfere, to some degree, with the functioning of the club. I'd say they'll see the season out at worst!

[bullit]

Mick Wallace - Receiver appointed to number of Dublin properties
Developer and TD, Mick Wallace has said he does not expect to be forced into bankruptcy, following ACC's decision to appoint a receiver to a number of properties controlled by his building company.
Speaking to RTÉ Radio 1's Drivetime programme, Mr Wallace said he had given personal guarantees to the banks, but the banks wouldn't make any more money out of making him bankrupt, and it may indeed cost them money to do so.
However, Mr Wallace conceeded that that didn't mean it wouldn't happen and he didn't know how it would all play out. If Mr Wallace were to be declared bankrupt, he would no longer be entitled to hold a Dail seat.
Mick Wallace said ACC demanded full payment within 24 hours of the €18.4m his company owes them last Monday. He said this figure contained alot of interest as the company had been charged 20% interest on the loans since January of 2009 because the loans were no longer performing.
He said the company had been meeting its interest payments on the functioning part of the loans but more problematic was the development site in Rathgar which was 'dead in the water'. Mr Wallace added that ACC Bank had been 'very keen' to lend the company money to buy the land in October 2006. But he said by the time they got planning permission for it, the market was less attractive.
Asked what the implications were for the staff of his businesses, Mr Wallace said that at the moment the banks hadn't moved on the company, but only on the assets. He said M&J Wallace is still standing. But he said the properties that his other businesses occupy were likely to move out of his hands.
However, he said he had leases in place, and he hoped his restaurant and wine bar chain would therefore be able to continue trading. He said the properties that ACC have taken over are no longer his and the receiver will run them for a while or may have a buyer.

http://www.rte.ie/news/2011/0524/wallace-business.html
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He was on Rte drivetime earlier,never mentioned anything or was asked anything about his involvment with Wexford Youths.

[Spudulika]

ACC have also taken hold of Ferrcarrig Sports Complex.

[cornflakes]

ACC have also taken hold of Ferrcarrig Sports Complex.

Source?

[passerrby]

ACC have also taken hold of Ferrcarrig Sports Complex.

well somewhere nice for the inter banks cup final

[Mr A]

Source?

Mentioned here: http://www.independent.ie/national-news/wallace-i-face-ruin-2656616.html

[HulaHoop]

ACC have also taken hold of Ferrcarrig Sports Complex.

I wonder how long it will take for the vultures (http://www.gaa.ie/) to pounce?

[cornflakes]

http://www.independent.ie/national-n...n-2656616.html

It doesn't say they've taken the ground, it just says the ground it part of the portfolio.

http://www.irishtimes.com/newspaper/frontpage/2011/0525/1224297715734.html


With the appointment of receiver Declan Taite of FGS, Mr Wallace has lost control of his flagship property in the Italian Quarter on Dublin’s Ormond Quay, as well as an apartment complex near Croke Park and development land in Rathgar.

Ground not taken, yet anyway. Don't see the benefit of the bank taking the ground, they can't make money from it. But I'm no economist.
Its not good news for us Youths fans tho

[Spudulika]

I wonder how long it will take for the vultures (http://www.gaa.ie/) to pounce?

Hula, don't speak too soon, if a certain model club don't have their lease signed, they could become the Yellow Belly Hoops very soon! :-)

[peadar1987]

Best of luck to Wexford Youths. The last thing the league needs is another club to go under, especially one like Youths.

[culloty82]

So Wallace has been found personally liable to the tune of €19 million - it was being reported today that Wexford Youths were funded through M&J Wallace Ltd - so anyone have the full story on whether the club will be affected?

[adamd164]

The company itself isn't in receivership, just that the receiver has taken control of some of its assets.

"Asked what the implications were for the staff of his businesses, Mr Wallace said that at the moment the banks hadn't moved on the company, but only on the assets. He said M&J Wallace is still standing. But he said the properties that his other businesses occupy were likely to move out of his hands. "

As an aside, is WYFC actually owned by the company or just funded through it?