The bankruptcy will not affect Mr Wallace’s seat as the law disqualifying a bankrupt person from being a member of the Dáil was abolished in 2014.
But it means that control of his assets is now in the hands of Official Assignee, Christopher Lehane, who will seek to realise whatever value he can for creditors. Mr Wallace, who owes more than 30m, said neither AIB nor ACC would agree to the drawing up of a personal insolvency arrangement, which would have allowed him to restructure and possibly write off some of his debt. Both financial institutions were approached by a personal insolvency adviser acting on the Wexford TD’s behalf after a third creditor, vulture fund Cerberus, petitioned the High Court to have him adjudicated a bank…
Read the full article at: http://www.independent.ie/irish-news/courts/big-banks-refused-to-cut-me-a-deal-says-bankrupt-td-35307536.html