FIANNA Fail National Executive member Jerry Beades is to be served with a bankruptcy summons by ACC Bank over an unpaid €1.5m debt.
The Irish Independent has learnt that the Dutch-owned lender is seeking to bankrupt the Fianna Fail activist and building contractor who is a highly vocal critic of financial institutions.
The issuing of the summons, the first step in bankruptcy proceedings, follows a long and protracted legal battle between Mr Beades and ACC.
Last year the bank placed Fairlee Properties Ltd, a company controlled by the businessman, into receivership.
Mr Beades, who is now working abroad because of the economic downturn, was unaware of the original summons issued by the High Court.
In the High Court on Monday, lawyers for ACC told Ms Justice Elizabeth Dunne they had difficulty serving an earlier bankruptcy summons on Mr Beades personally. ACC sought and was granted permission to serve Mr Beades with a summons by another means.
The matter will come back before the court on July 25.