The High Court has ordered that the son of Independent Wexford TD Mick Wallace be restricted as a company director.
The court has been hearing an application today by a fund to have Mick and Sasha Wallace disqualified as directors under the Companies Act.
The application was brought by Michael Leydon, the liquidator who was appointed to Mick Wallace's property and construction firm M&J Wallace last year by Promontoria Aran, a subsidiary of US fund Cerberus.
The liquidator was appointed after a €2 million judgment was obtained against M&J Wallace in relation to the Italian Quarter development in Dublin.
Today Barrister Keith Farry, representing Sasha and Mick Wallace, told the court that Sasha Wallace would consent to an order restricting him as a director.
This was accepted by lawyers for the liquidator.
Mr Justice Robert Haughton ordered that Sasha Wallace be restricted as director and that he pay costs of €1,500 plus VAT to the liquidator.
The judge put a stay of one month on the restriction order coming into operation.
Mr Farry told the court that Mick Wallace would also consent to a restriction order being placed on him.
This was rejected by lawyers for the liquidator, who requested to have the application for disqualification heard.
Barrister Stephen Brady, representing the liquidator Michael Leydon, outlined to the court a number of issues in relation to the application for disqualification against Mick Wallace.
The hearing was adjourned and will resume tomorrow morning.
