Only last Monday the Family First Senator Bob Day announced he had placed his Home Australia building group into liquidation and that he would quit the senate to focus on helping his stranded customers and creditors.

To do otherwise, he said, would be “untenable”.

Now he has announced on Twitter that he may not quit after all because he claims a white knight investor may be preparing to buy his failed home building business.

"Other offers have also been received," Senator Day said in the statement.

"If new investment revives the company, if houses are being completed and trade contractors and others are being paid, then I may continue as a a Senator."

However, any potential suitor will have to consider a major setback for the senator and his Home Australia subsidiary in NSW, Huxley Homes.

Only on Tuesday this week, the NSW Fair Trading department refused Huxley’s application to renew its licence. At the same time, it cancelled Bob Day’s building licence in this state.

Even if there is money to revive the business, Senator Day and Huxley have no capacity to do any work in NSW.

Statement released this afternoon. pic.twitter.com/KK977DM4Mf — Bob Day (@senatorbobday) October 28, 2016

When his company went into liquidation, Bob Day said he would resign, telling the ABC: "It has been a privilege, but would be untenable to stay in parliament".

But on Wednesday this week, Senator Day made it clear he would be delaying his resignation in order to be able to support contentious government legislation - the same sex marriage plebiscite and the two industrial relations bills which triggered the double dissolution election, the Australian Building and Construction Commission and Registered Organisations.