Family First senator Bob Day's political party is signalling he could stay on in Parliament and serve the rest of his three-year term, if a potential investor steps in to save his troubled construction company.

Key points: Insolvency firm says there is a lot of interest in Home Australia assets

Insolvency firm says there is a lot of interest in Home Australia assets Bob Day is unlikely to get any money from an asset sale

Bob Day is unlikely to get any money from an asset sale If Senator Day declares bankruptcy he must step down from the Senate

The South Australian Senator announced his resignation on October 17 after his company Home Australia went into liquidation.

South Australian Family First leader Dennis Hood said the party met on Saturday to work out the succession process but those plans were now on hold.

"We understand that an investor has come forward that may be looking at investing in his business, which may be able to keep it afloat," Mr Hood told The World Today.

"If he can pay all of his bills and meet all his commitments then there's probably no real reason why he needs to resign necessarily."

A spokesman for insolvency firm McGrath Nicol said there was a lot of interest in Home Australia assets but a lot of money is owed.

The spokesman would not comment on whether the offers would be enough to cover the secured and unsecured creditors and said he could not speculate on the state of Senator Day's personal finances.

Senator Day is a shareholder in Home Australia and, by law, would be last in line when the money is divided among the creditors, so it seems unlikely he will get any money from the asset sale.

He has made personal guarantees to some of the creditors and it is not known if he has the assets to cover those debts.

If he cannot cover the debts and declares bankruptcy he will have to step down from the Senate.

The ABC has been in touch with Senator Day by text. Asked if he intended to stay on, he replied: "Events are unfolding. Should be a clearer picture in a few days".

'No pressure' on Senator Day to resign

In the tightly contested Upper House, Senator Day's vote could be crucial in helping pass government legislation.

In a series of tweets, he said his party and state would be left without a vote if he exits the Upper House immediately.

"There isn't time to install a replacement before year's end," he said.

"Marriage plebiscite legislation, ABCC and our other work too important to Family First to have a vacant seat for even one day in November."

Three sitting weeks remain this year and Senator Day has been criticised for missing eight of the 16 parliamentary days since he was re-elected this year.

Mr Hood said the Senator had not "formally resigned yet and there's no pressure on him to do that".

"All circumstances can change and I think he was doing the very honourable thing and saying that wanted to resign because he didn't feel it was appropriate to put people in the situation where he couldn't pay them, and still maintain his seat in the Senate," he said.

The process to replace a senator involves a party deciding a candidate and having that ratified by the State Parliament, before being installed in the Senate.

South Australian Labor Premier Jay Weatherill said State Parliament was ready to assist with formalising his resignation.

Shorten calls for vote shun

Opposition Leader Bill Shorten said the Coalition should not accept support from Senator Day. (file photo) ( ABC News: Luke Stephenson )

Opposition Leader Bill Shorten said the Turnbull Government would be "hypocrites" if they accepted his support.

The Government cannot refuse to accept Senator Day's vote, but it could cancel it out by asking one of its own senators to leave the chamber when the vote is held.

Mr Shorten told reporters in Melbourne that the Coalition should not accept support from Senator Day, citing 2012 comments from then Opposition Leader Tony Abbott on how Labor had to refuse Craig Thomson's "tainted vote".

Coalition frontbencher Christopher Pyne dismissed the argument, telling Adelaide radio station FiveAA it was "absolute nonsense".

Mr Pyne said the Thomson saga actually reinforced the Coalition's point.

"To suggest that we shouldn't take his vote is ludicrous, especially from as political party that accepted Craig Thomson's vote for the entire time that he was in the parliament, when he'd just ripped off the workers in the Health Services Union," Mr Pyne said.

"It's epic hypocrisy from the Labor Party."