A year after being declared bankrupt, Independent TD Mick Wallace is scheduled to walk away from debts of more than 30m, writes Elaine Loughlin.

Wallace leaves behind debts of 30m as he exits bankruptcy

Mr Wallace was adjudicated a bankrupt at the High Court on December 19, last year on foot of a 2m judgment debt. He was therefore scheduled to leave bankruptcy yesterday.

Mr Wallace had been allowed to remain on in the Dáil over the past 12 months after the law was changed in 2014. Previously, TDs would automatically lose their seats if declared bankrupt.

During last Decembers 10-minute hearing Ms Justice Caroline Costello granted the bankruptcy petition by the Promontoria (Aran) Ltd fund.

The fund had obtained a 2m judgment in the Commercial …

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