The Independents4Change TD has hired a personal insolvency practitioner to write to AIB to see if the family home can be kept.
He is also in the process of drafting a statement of affairs, which will be given to the court later this month. Mr Wallace is expected to fight efforts by vulture fund Cerberus to have him declared bankrupt.
The bankruptcy petition was filed by one of its Irish subsidiaries, Promontoria (Aran) Ltd.
Mr Wallace has been the foremost critic of the deal through which Cerberus bought Nama’s Northern Ireland loans portfolio Project Eagle for 1.6bn in 2014.
The vulture fund also acquired loans Mr Wallace’s construction firm M&J Wallace had with Ulster Bank the same year as part of a wider Irish portfolio, k…
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