WTF? Developer gets elected for Wexford who owes €40,000,000

Phill Ewinn

good.

alejandro1977

I wonder what his supporters have to say now?

He was supposed to have his debts under control.

http://www.irishtimes.com/newspaper/ireland/2012/0123/1224310626780.html

Wallace faces sell-off after move by bank

INDEPENDENT TD Mick Wallace is facing the sell-off of his property empire after ACC Bank obtained judgment mortgages on 23 of his properties.

The bank successfully registered judgment mortgages at the Registry of Deeds and the Property Registration Authority against Mr Wallace and his construction company, MJ Wallace, just before Christmas.

The move gives effect to the summary judgment orders for €19 million which the bank secured against Mr Wallace and his company last October.

The properties affected include his home address in Clontarf, Dublin, as well as houses, apartments and commercial premises across the city.

A judgment mortgage effectively prohibits any dealings on a property unless the debt involved is discharged.

ACC Bank could force the sale of Mr Wallace’s properties, but would first have to apply to the courts to order this to happen.

The bank could also seek to have the TD declared a bankrupt for non-payment of his debts – a move that would force him to resign his seat.

Mr Wallace, who has total debts exceeding €40 million, told The Irish Times at the weekend that he swore a statement for the bank last week setting out all he and his company owned.

He said he had no idea what the bank now intended to do or whether it would take bankruptcy proceedings.

The bank appointed a receiver in May 2011 but Mr Wallace said this applied to the assets of his company and not the company itself. He said that although the company was still trading and employing a few staff, it was effectively “finished”.

Since the judgment against the company, it has struggled to find good work. He said he would not be able to repay his debts because the value of his assets had greatly diminished.

The other banks to which he owed money – which include AIB, Bank of Scotland (Ireland) and Ulster Bank – had so far not followed the example of ACC by pursuing him in the courts, and he still had a good working relationship with them.

Another of his companies, Wallace Calcio, was still operating normally and employing “more than 50 people” in wine bars and other businesses, he stressed.

Mr Wallace criticised some of the press coverage of his business difficulties, saying the impression had been given last year that he had not or would not pay staff pension contributions to the Construction Workers’ Pension Fund.

He said €136,000 was owed in the case, but the outstanding amount was €24,000 at the time of the summons and all outstanding monies had been paid by the time of the court case.

“I was fined [€7,000} for late payment. At no stage did I not intend to pay this money.”

bluesteel

TD commits fraud!
http://www.irishtimes.com/newspaper/frontpage/2012/0607/1224317444365.html

Mick Wallace makes €2.1m Revenue settlement

THE CONSTRUCTION firm of Independent TD Mick Wallace has made a €2.1 million settlement with the Revenue Commissioners for under-payment of VAT.

The settlement, which arises from the failure of MJ Wallace Ltd to make full tax returns on apartment sales over a two-year period, will be published on the Revenue’s next quarterly list of tax defaulters next week.


He admits to having knowingly made a false VAT declaration to Revenue but says he did so in order to save his company and expected to be able to pay the money due at a later date.

The people of Wexford were had!

Cookie_Monster

so surely that means he can be prosecuted, have a criminal record and be disbarred from the Dail?

Chance of that actually happening though?

Coriolanus

Cookie_Monster wrote: »

so surely that means he can be prosecuted, have a criminal record and be disbarred from the Dail?

Chance of that actually happening though?

Not usually, no. A settlement is the usual way, not prison. Though, he's said he can't pay gte settlement, and if he doesn't he may be jailed yet or forced into official bankruptcy, either of which disbar him from the dail

seamus

So basically Mick Wallace is as crooked as Seanie and anyone else who was fiddling the books during the boom.

There's a shocker. The man has no credibility now. He should really step down, but I imagine the TD's paycheque is a bit too sweet to let go of voluntarily.

Elmer Blooker

seamus wrote: »

So basically Mick Wallace is as crooked as Seanie and anyone else who was fiddling the books during the boom.

Well he's guaranteed to top the poll next time round.
G'wan ya boy ya !

jack presley

Can someone explain what 'making a settlement with Revenue' actually means?

All the articles about this state that Wallace made a €2.1m settlement but on the RTE website it says that he said on Morning Ireland that "it was unlikely the money will ever be paid as the company is insolvent"

If he hasn't paid the money and is unlikely to do so, how has he made the settlement?

Pandora2

seamus wrote: »

So basically Mick Wallace is as crooked as Seanie and anyone else who was fiddling the books during the boom.

There's a shocker. The man has no credibility now. He should really step down, but I imagine the TD's paycheque is a bit too sweet to let go of voluntarily.

and the expenses, and the allowances, and the pension!!:rolleyes:

Zimmerframe

jack presley wrote: »

Can someone explain what 'making a settlement with Revenue' actually means?

I think it means in this case, that he agreed to pay them, if he had any money which he hasn't, so he has agreed eventually to give them nothing.

seamus

jack presley wrote: »

If he hasn't paid the money and is unlikely to do so, how has he made the settlement?

The settlement is basically a handshake agreement about how much he'll pay back. It's typical when someone is in a large amount of arrears that they strike a deal with Revenue to pay back a percentage of that figure and in return it means Revenue don't have to chase it in court and all the associated costs.

Actually getting the payment itself is another matter and might have to be chased in court anyway if he doesn't pay.

The problem is that if Revenue decide that a defaulter can't pay anything and just go straight to court without attempting to come to a settlement, the judge will send them straight home again to go thrash out an agreement. So it's likely that Revenue came to this settlement in the full knowledge that Mick wouldn't be paying it anyway.

southcentralts

did I read OP right 40Million?
I am considered a burden on society owing >1000 euros to AIB!

humanji

jack presley wrote: »

Can someone explain what 'making a settlement with Revenue' actually means?

All the articles about this state that Wallace made a €2.1m settlement but on the RTE website it says that he said on Morning Ireland that "it was unlikely the money will ever be paid as the company is insolvent"

If he hasn't paid the money and is unlikely to do so, how has he made the settlement?

I'm assuming it's something to do with us footing his bill for him.

Vudgie

I wonder if he is taking some time off for Euro 2012, I'd hate to think he would miss any of the matches :pac:

Formosa

seamus wrote: »

So basically Mick Wallace is as crooked as Seanie and anyone else who was fiddling the books during the boom.

There's a shocker. The man has no credibility now. He should really step down, but I imagine the TD's paycheque is a bit too sweet to let go of voluntarily.

Genuine question, what is the difference between this fraud and that of the garlic man who got 6 years?

Added to MW attempting to steal employees' pension contributions (for which he was fined €7k), it doesn't look good for him, or for a country that has this sort in its parliament.

Sergeant

Mick had a conversion to the church of socialism during his financial difficulties, and is now in the Dáil fighting for the people of Wexford. We must admire his courage, and moral integrity, and not be calling for his head because of a mere triviality like deliberately under declaring to the Revenue.

cuddlylad

no point in giving out about him now lads, the people voted him in and then we wonder why the country is f**ked!?? i just cant under stand how people though he was suitable to represent this county when most people knew he was a bankrupt rogue builder before the election. tbh when i see him in the dail i am ashamed to say i am from the irish republic. this man is making a disgrace of all this country stands for and it can be seen from his dress and appearance!

seamus

Formosa wrote: »

Genuine question, what is the difference between this fraud and that of the garlic man who got 6 years?

For all intents and purposes it would seem to be about the level of deception.

Wallace underpaid his tax bill, whereas garlic man falsified importation documents to actively evade taxation.

Subtle differences, but I would personally consider garlic man's actions to be more malicious as it's a systematic attempt to defraud the system by deliberately misdeclaring the items he was importing.

One could argue that Wallace's incorrect declaration was similarly defrauding the system, but I suppose his defence of "I was trying to save the business" could be extrapolated out into an intention to pay his full tax bill at a later date. Whereas garlic man wouldn't be able to show any intention of ever correctly declaring his tax liability.

I guess it comes down to Revenue themselves, but the legislation may also have different penalties and requirements when it comes to falsfying customs documents and falsifying your tax return. My suspicion is that the former is a more serious crime which requires a criminal prosecution.

Tzar Chasm

To those decrying micks election in wexford

John Brown was also returned to the Dail.

prinz

cuddlylad wrote: »

i just cant under stand how people though he was suitable to represent this county when most people knew he was a bankrupt rogue builder before the election....

+1 on this. It's old news that he was a complete and utter chancer.

paddydriver

Vudgie wrote: »

I wonder if he is taking some time off for Euro 2012, I'd hate to think he would miss any of the matches :pac:

Yes he is, supposedly going over in an oul jeep with his son and a friend.

mike65

You'd like to think the public shame would be some sort of gnawing ongoing punishment but
but given Wallaces dress sense he is clearly not a man easily embarrassed.

cuddlylad

mike65 wrote: »

You'd like to think the public shame would be some sort of gnawing ongoing punishment but
but given Wallaces dress sense he is clearly not a man easily embarrassed.

he just doesnt give a sh**, he is laughing at us all trying to make ends meet when he ows thosands, never mind what hasnt come to light yet! if he had any regard for his position as a member of Dail Eirann he would at least dress accordingly

tayto lover

Wallace should at least be suspended from the Dail without pay until he makes this settlement of 2.3 million. He said on R.T.E. this morning that he has no hope of ever paying it so then he would have no hope of ever again taking "his" seat in the Dail.
We have had our fill of chancers and criminals sitting in those illustrious seats.

Rabidlamb

tayto lover wrote: »

Wallace should at least be suspended from the Dail without pay until he makes this settlement of 2.3 million. He said on R.T.E. this morning that he has no hope of ever paying it so then he would have no hope of ever again taking "his" seat in the Dail.
We have had our fill of chancers and criminals sitting in those illustrious seats.

Think I read that the settlement is against a company & not a person, the company is insolvent, wish we could all try that.

mike65

Indeed, all mortgages should be taken out by limited companies!

tayto lover

Rabidlamb wrote: »

Think I read that the settlement is against a company & not a person, the company is insolvent, wish we could all try that.

But M.W. is the Managing Director of that company and as such is liable. He's just jumping puddles at this stage.

bluesteel

tayto lover wrote: »

But M.W. is the Managing Director of that company and as such is liable. He's just jumping puddles at this stage.

If he was trading recklessly the the Limited Liability may not apply.

In any case ACC have him over a barrel. I wonder where he gets the money for the huge posters and vanity project soccer team - Muppet thinks he's Abramovich, (and his restaurant is rubbish the Enoteca one in the middle of the walkway)

Coriolanus

Rabidlamb wrote: »

Think I read that the settlement is against a company & not a person, the company is insolvent, wish we could all try that.

ACC have written, personal guarantees from MW for a certain amount of the money. It was common practise to get around the protection that a ltd co offers to its owner.

tayto lover

He's on the R.T.E. News wearing a green tee-shirt. Jaysus you'd think he would clean himself up. If the Germans see that lad representing us they might refuse to loan us money in the future. I can see a big Dail row over this in the near future. Something like this --
http://www.youtube.com/watch?v=le58P6Eaevc&feature=related

Tipsy McSwagger

What a smarmy prick

christmas2012

Wonder why he got elected what does it say about the public there,i suppose its not like we have much choices ourselves when we vote for political parties,its all the same shower,all nepotism

BigBrownBear

I don't give a feck about his hair
I dont give a feck about his pink shirts

But he can feck off if he thinks the taxpayer should mop up his financial irregularities

His 'performance' on 6:1 news was pathetic

BattleCorp

Because of Company law, technically he doesn't owe revenue the money, it's the Company that owes the revenue. Fcukall we can do about that.

Here's the thing though.

Not paying the pension contributions of employees = illegal act.
Under declaring VAT to the Revenue on purpose = illegal act.


How in the name of fcuk is this man allowed to keep his seat in the Dail.

I'll tell you why. Because we elect tossers like this and because of the system, they can do what they like and get away with it.

He's able to say Oops, my bad, I did it for good reasons (to save the company apparently). Then he can stick two fingers up at us all and feck off to the Euros for a party and not worry a damn about who has to pay the bill to the revenue.

There's something seriously wrong with politics in this country. That under declaration of VAT (theft in my book) would have paid for how many life saving operations etc etc.?

How is what he did any different to the bloke who got 6 years for the garlic/apples stroke?


I'll get crucified for this but it's pretty much our fault that this crap is going on. We elect these dudes. We put up with the system that doesn't punish white collar crime. We put up with dodgy practices by TDs, such as getting them to help (put in a good word, pull a stroke etc etc) if we want to get a council house or a medical card. Fcuk that, either you are entitled to a council house or a medical card, or else sod off.

Seriously, the Irish people could be led by a silk thread.

micropig

BattleCorp wrote: »

Because of Company law, technically he doesn't owe revenue the money, it's the Company that owes the revenue. Fcukall we can do about that.

Here's the thing though.

Not paying the pension contributions of employees = illegal act.
Under declaring VAT to the Revenue on purpose = illegal act.

It could be worse-he could have been under declaring the VAT on Garlic

Vizzy

Sitting here after watching Wallace on 6.01.

I am actually physically sick !
I'm a public servant and have been castigated as such over the last few years here( at this stage I'm immune so it doesn't bother me).Have paid my taxes over the last 30 years under PAYE,suffered about a 20% paycut in recent years and am just about keeping my head above water.
I'm not looking for any sympathy as I know there are loads of people worse off than me.
But this pr**ck owes €40,000,000 to the bank( which I now part own) and €1,400,000 to the VAT man and he has the luxury to say that "Mick Wallace,the individual is tax compliant" and basically ye can f**k right off for any company debts that I have.
I wonder if I drove into his yard this morning and drove off with a mixer and a few drills in the back of my car,where would Vizzy Ltd be spending the night tonight?
Also this guy is seen as the champion of Wexford.yet Michael Lowry (who has denied any wrongdoing and has not been charged with any offence)is seen as a gombeen politician.

It it wasn't so serious it would be laughable :mad::mad:

Red21

Nice try Mick, now we know what you were up to

BattleCorp

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

The more that I look at Mick Wallace, the sicker I feel. Not sure if sicker is a proper word but it sums up how I feel.

c_man

Between this and the pension debacle, is there anyone out there who still supports him?

bluesteel

c_man wrote: »

Between this and the pension debacle, is there anyone out there who still supports him?

look through this thread; the yokels who defended him thought he was an entrepreneurial genius even though he was up to his tits in debt. People will rally around a clown who tells them what they want to hear about banks, debt (i.e. it's someone else's fault) and then supports the football.

Scioch

c_man wrote: »

Between this and the pension debacle, is there anyone out there who still supports him?

I dont understand why anyone supported him to begin with. He offered nothing in the way of intelligent views on anything and hadnt a clue of his own opinion of politics.

Pedant

Red21 wrote: »

What an absolute chancer!

He doesn't know anything about politics, not one iota. He's just in it for the ride and the nice salary to pay off his massive debts. He hasn't contributed anything to Dáil proceedings thus far, other than acting like a class clown.

BIG BAD JOHN

He has a neck like Lester Piggott's backside.
The thing is, though, that he is not the first ever TD (no names, no packdrill) who has given us, the regular punters (who, let us not forget, pay the shaggers) the two fingers. There is no tradition in this state of politicians caught in this way doing the right thing and resigning. Indeed, in the case of some, it's almost a badge of honour and, in some cases, they've come roaring back at the next election with an increased vote.
I mean, what is that all about? How come there is even one voter in this country not only prepared to put up with this sort of behaviour but also to reward it?

Vizzy

Pedant wrote: »

What an absolute chancer!

He doesn't know anything about politics, not one iota. He's just in it for the ride and the nice salary to pay off his massive debts. He hasn't contributed anything to Dáil proceedings thus far, other than acting like a class clown.

"Mick Wallace,the individual, is tax compliant"- Mick Wallace 7th June 2012

Sadly he owes nothing.
Doesn't take away from the fact that he has no clue about politics though.

hmmm

His company owes us (the taxpayer) nearly 2 million and he's off enjoying himself in Poland. Meanwhile I can't afford to go to Poland myself. WTF is happening?

Johro

WTF? How old is this thread?

micropig

hmmm wrote: »

His company owes us (the taxpayer) nearly 2 million and he's off enjoying himself in Poland. Meanwhile I can't afford to go to Poland myself. WTF is happening?

Is he over there with Johnny Rohan?

dirtyden

christmas2012 wrote: »

Wonder why he got elected what does it say about the public there,i suppose its not like we have much choices ourselves when we vote for political parties,its all the same shower,all nepotism

I agree with your point, we do have a pretty poor selection of political representatives with only the odd exception.

But whose fault is that? Irish people on the whole are politically quite ambivalent. We all discuss politics and most vote but how many go further than that? It is easy complain but there are not many going out to provide alternatives and those who do are instantly mistrusted. I hold my hands up here and nearly all the people I work or socialise with, we moan but very few are political party members or poitically active to any great extent. We are waiting for somebody else to do something which leaves openings for thick skinned clowns with serious neck like Deputy Wallace.

hmmm

"SPOTTED AT the Uefa Champions League Final in Munich last Saturday night was football-mad property developer and politician Mick Wallace. For once, the Wexford TD wasn’t sporting a pink top. “It’s in the wash,” he joked.

Wallace darted for the exit as soon as Didier Drogba had sealed Chelsea’s dramatic win over local team Bayern Munich."

Sounds like life is good for Mick, I'd love to get tickets for the European cup final.

Pal

A businessman, Paul Begley, who admitted his guilt got 6 years
AND HE WAS PAYING BACK THE TAX AND FINES.

Wallace owes more and will pay nothing.
And who thinks the Septic Isle will bang up this chancer Wallace ?

Nobody. That's who.