The High Court has adjourned an application to make Independent TD Mick Wallace bankrupt.

An Irish subsidiary of US fund Cerberus made the application to Ms Justice Caroline Costello this afternoon.

It will be back before the High Court on 5 December, but is unlikely to be heard then.

Earlier this year, the subsidiary, Promontoria (Aran) Limited was granted orders directing Mr Wallace to repay €2 million in loans.

Mr Wallace had guaranteed a loan given by Ulster Bank to his company M&J Wallace Limited in 2009.

The loan was bought by Promontoria (Aran) Ltd last year. The High Court found in January that Mr Wallace had raised no arguable defence to the application for summary judgment.

The High Court was told this morning that Mr Wallace would be engaging with a Personal Insolvency Practitioner and that would take some time.

His barrister, Keith Farry, told the court it would take time for a financial statement to be prepared.

Outside court, Mr Wallace said he would deal with matters the best he could. "Life's too short to be worrying ... " he told reporters.

The law disqualifying a bankrupt from being a member of the Dáil was abolished in 2014 so his bankruptcy will have no effect on Mr Wallace's Dáil seat.

Promontoria is owned by Cerberus, the fund which was at the centre of allegations made by Mr Wallace in the Dáil in relation to the acquisition of Nama's €5.7bn Northern Ireland portfolio.

ACC bank was previously granted summary judgment against Mr Wallace for €20 million in 2011.

Mr Wallace's lawyers told the High Court in January that there was "nothing" to execute the judgment against.