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 wasn’t repaid and Promontoria are now trying to have him declared a bankrupt.

Keith Farry, who’s 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 won’t have to give up his Dáil seat after the law on disqualification was abolished in 2014.