Wallace-owned firm had debts of more than €444,000 last year

A company largely owned by TD Mick Wallace has amassed debts of more than €444,000 and recorded accumulated losses of nearly €215,000 last year, according to accounts filed to the Companies Registration Office (CRO).

Wallace Calcio Ltd, which was established by the Wexford TD to run a chain of wine bars, cafés and restaurants, owed creditors €444,553 for the year ending August 31, 2014.

The firm’s accumulated losses decreased during this period to €214,791 from €259,039 at the end of the previous financial year.

Mr Wallace is the largest shareholder in Wallace Calcio Ltd, with a 40 per cent stake. The 59-year old is listed as a director of the company along with his son Sasha (33).

Mr Wallace is a director of 10 other companies, according to the CRO, which operate in areas as diverse as clothing and construction.

Wallace Calcio Ltd had tangible assets valued at €107,473 last year and debtors owing €7,685. Its creditors included Revenue, to which VAT of €39,654 and PAYE/PRSI of €27,975 were payable.

A former developer, Mr Wallace admitted in 2012 that he had knowingly made false declarations and underpaid VAT to the tune of €1.4 million in respect of a separate company, M&J Wallace Ltd.

Mr Wallace said he did so to save his company and subsequently reached a settlement for €2.1 million with the Revenue Commissioners.