HIGH-PROFILE developments in Dublin owned by Independent Wexford TD Mick Wallace’s company are now worth just €4million, company documents show.
The ‘Italian Quarter’ area of cafes, bars and apartments on Ormond Quay, Dublin 1, opened by M&J Wallace Ltd in 2004, has been taken over by a receiver.
Its value, along with apartments near Croke Park, is listed at “circa €3million” in documents filed by receiver Declan Taite last month, while another property held by the firm in Rathgar, Dublin 6 is worth around €1million.
Shortly after the construction of the Italian Quarter development eight years ago, the company valued its “tangible assets” – including property – at more than €11.4million.
Receivers were appointed last year by Dutch-owned ACC Bank, to which M&J Wallace owes roughly €20million.
Mick Wallace said last year that he did not expect the bank to force him into bankruptcy in an attempt to recover his debts.
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