Fund's application against Mick Wallace set for hearing in Ocober
A fund-appointed liquidator's case for orders under the Companies Acts against Independent TD Mick Wallace and his son, Sasha, has been fixed for hearing next October.
Michael Leydon, liquidator of the Independent TD's construction and property firm M J Wallace Ltd, has brought proceedings against Mr Wallace and his co-director son over their stewardship of the company.
Mr Leydon was appointed by Promontoria Aran, a subsidiary of US fund Cerberus, arising out of a €2m judgment obtained against the company in relation to the Italian Quarter development in Dublin.
The TD had previously raised questions over the Cerberus €1.6bn purchase from NAMA of a group of Northern Ireland-linked loans, called Project Eagle.
The liquidator 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.
The case has been fixed for hearing on October 23 but, before that, an application for discovery of documents will be heard on October 9.
The Wallaces want discovery of correspondence between the liquidator and the Office of the Director of Corporate Enforcement in relation to the decision to bring the proceedings against them, Mr Justice Robert Haughton was told on Monday.
Stephen Brady BL, for the liquidator, said his client considers that application is “misconceived” as a request for discovery but the sides had agreed, subject to the court, the discovery matter should be heard on October 9.
Mr Justice Robert Haughton fixed that date for hearing of the discovery application and noted October 23 is the hearing date.
