ACC Bank has had a receiver appointed to a number of properties controlled by Wexford TD Mick Wallace.
Declan Taite of FGS has been appointed as receiver 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.
Mr Wallace has said that he owes a total of over €40 million to the banks but doesn't believe he will be declared bankrupt, which would disqualify him from membership of the Dáil.
Accounts for the year to the end of August 2008 show MJ Wallace Ltd owed the banks €42.7 million. It lost €2.67 million during the year and wrote down assets by €2.12 million. At the end of the period, the company had shareholders' funds of €13.5 million.
Mr Wallace and his fellow director and son Sasha Wallace received remuneration of €289,605 during the year.
Mr Wallace said earlier this year the company, which develops property in the Dublin area, was getting temporary tax certificates from the Revenue Commissioners to allow it to work and to earn money which is used in part to pay debts to the Revenue.
