Lawyers for the Independent TD say he is looking at alternatives to bankruptcy
The High Court has heard that Mick Wallace is trying to save his family home as part of proceedings to have him declared a bankrupt.
Lawyers for the Independent TD have also revealed that he is looking at possible alternatives to bankruptcy.
Promontoria Limited is an Irish subsidiary of Cerberus, which came to public attention last year during allegations made in the Dáil by Mick Wallace in relation to the purchase of a Northern Ireland loan portfolio from NAMA.
A €2m Ulster Bank loan to Deputy Wallace's construction company was assigned to Promontoria in 2014, and called in last year.
A summary judgement was made against the Wexford TD when it was not repaid.
Promontoria are now trying to have him declared a bankrupt.
Keith Farry, who is acting for Deputy Wallace, said a Personal Insolvency Practitioner (PIP) had written to AIB to try and see if the family home could be saved.
He said they were hopeful of a response in the next week or so and the case was adjourned until December 19th.
Even if he is declared a bankrupt, Deputy Wallace will not have to give up his Dáil seat after the law on disqualification was abolished in 2014.