Wexford TD Mick Wallace has been declared bankrupt in the High Court.
He was found to be unable to pay back multi-million euro loans following an application by the US fund Cerberus.
He had previously indicated his intention to look at possible alternatives to bankruptcy, but was unable to come to a Personal Insolvency arrangement.
All of his assets will now be transferred to the court’s Official Assignee Christopher Lehane, who will try to sell them on.
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