Ms Justice Caroline Costello yesterday (December 19) granted the bankruptcy petition by Promontoria (Aran) Ltd fund arising from a 2m judgment obtained after the fund took over the TD’s debt to Ulster Bank.
Promontoria is owned by US fund giant Cerberus, the fund at the centre of allegations made in the Dáil by Mr Wallace concerning the acquisition of Nama’s 5.7 billion Northern Ireland portfolio. The substance of those allegations is now subject to investigations in the UK and US.
The loans taken over by Promontoria are linked to M&J Wallace, one of Mr Wallace’s pre-crash Dublin businesses, but are also understood to be backed by personal guarantees, leaving the TD liable if the business could not pay the debt.
While a TD wo…
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