A receiver has been appointed by ACC Bank to a number of properties controlled by developer and Wexford TD Mick Wallace.
Declan Taite of FGS has been appointed to the Italian Quarter on Ormond Quay, the Behan Square apartment complex on Russell Street near Croke Park and to development land in Rathgar.
All the assets were under the control of Mr Wallace's main development company, M&J Wallace Ltd.
It is understood that ACC Bank is owed €20m and had fixed charges over the specific assets in question.
In recent times, Mr Wallace has made no secrets of the financial difficulties facing his company as a result of the collapse in the property market.
Mr Wallace recently admitted that he owed €40m to various banks. These are understood to include Ulster Bank, AIB and Bank of Scotland Ireland.
However, these banks have so far not moved to recover their money.
Mr Wallace said he does not expect to be forced into bankruptcy following ACC's decision.
Speaking to RTE’s Drivetime, 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 conceded that that did not mean it would not happen and he did not know how it would all play out.
If Mr Wallace were to be declared bankrupt, he would no longer be entitled to hold a Dáil seat.
Mr Wallace said ACC demanded full payment within 24 hours of the €18.4m his company owed them last Monday.
He said this figure contained a lot of interest as the company had been charged 20% interest on the loans since January of 2009 because the loans were no longer performing.
He said the company had been meeting its interest payments on the functioning part of the loans but more problematic was the development site in Rathgar which was ‘dead in the water’.
Mr Wallace added that ACC Bank had been ‘very keen’ to lend the company money to buy the land in October 2006. But he said by the time they got planning permission for it, the market was less attractive.
Asked what the implications were for the staff of his businesses, Mr Wallace said that at the moment the banks hadn't moved on the company, but only on the assets.
He said M&J Wallace is still standing. But he said the properties that his other businesses occupy were likely to move out of his hands.
However, he said he had leases in place, and the hoped his restaurant and wine bar chain would therefore be able to continue trading. He said the properties that ACC have taken over are no longer his and the receiver will run them for a while or may have a buyer.