The independent Irish TD (MP) Mick Wallace has been declared bankrupt at the High Court in Dublin.
The application to make him bankrupt was made last month by a subsidiary of the US fund Cerberus arising out of a debt of 2m euros.
The subsidiary, Promontoria (Aran) Limited, was granted orders earlier this year directing Mr Wallace to repay the loans.
It took over the loans from Ulster Bank.
The loans were to Mr Wallace's company and personally guaranteed by him.
The High Court also heard that Mr Wallace has total debts in excess of 30m euros.
Mr Wallace had sought adjournments to allow him to prepare a personal insolvency arrangement (PIA) and make efforts to save his family home.
The TD had previously made allegations about Cerberus' deal to buy Nama's entire Northern Ireland loan portfolio.
In July last year, Mr Wallace claimed that as a result of the Nama deal, a Northern Ireland politician was to receive a £7m payment.
Cerberus said that "no improper or illegal fees" were paid by it or on its behalf.
Nama says the loan sale process was "robust, competitive and secured the best outcome for the Irish taxpayer".
Source: http://www.bbc.com/news/world-europe-38376852
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