Wallace does not expect to become bankrupt
Developer and TD, Mick Wallace has said he does not expect to be forced into bankruptcy, following ACC's decision to appoint a receiver to a number of properties controlled by his building company.http://www.rte.ie/news/2011/0524/wallace-business.html
Speaking to RTÉ Radio 1's Drivetime programme, Mr Wallace said he had given personal guarantees to the banks, but the banks wouldn't make any more money out of making him bankrupt, and it may indeed cost them money to do so.
However, Mr Wallace conceeded that that didn't mean it wouldn't happen and he didn't know how it would all play out. If Mr Wallace were to be declared bankrupt, he would no longer be entitled to hold a Dail seat.
Far from being safe from bankrupcy and losing his seat, it sounds like he's basicially at the mercy of the banks.