Family First senator Bob Day has now quit, effective immediately.
After announcing his resignation last month, then changing his mind, Family First Senator Bob Day has handed in his notice to the President of the Senate.
The now-former South Australian Senator made it official via a statement, which said the major investor that had been examining his Home Australia business over the past fortnight had decided not to proceed.
Mr Day's Home Australia building company went into liquidation on October 17, with more than 200 homes unfinished in five states and creditors owed at least $12 million.
"It has been an honour and a privilege to serve as a senator for South Australia and I am sorry it has ended this way," he said.
"I will now devote my time and energy to assisting those who have been affected by the company's closure."
The 'white knight'
Leaving the Senate
Last week, Bob Day said he was no longer intending to quit, because there was no time to replace him and too many important pieces of legislation he wanted to vote on in the last three remaining weeks of the Senate for the year, including the industrial relations laws and the marriage equality plebiscite.
Labor, the Greens and many of the victims of his corporate collapse were outraged that he had changed his mind about his future.
His former chief of staff Rikki Lambert has announced himself as the candidate for the vacant Senate seat.
But another South Australian, Family First state upper house representative Rob Brokenshire also wants the position.
It is now up to the Family First SA branch to resolve the deadlock before a special joint sitting of the South Australian Parliament confirms the nomination, though that's unlikely before before the Senate resumes on November 7th.
Family First state chairman and SA member of Parliament, Dennis Hood, told reporters in Adelaide the party hopes Mr Day's replacement will take their seat for the final sitting fortnight on November 21st.
"I am disappointed it has taken this long... I guess that's in the past now, we've the opportunity to appoint a new senator and move on," Mr Hood said.
"I think the important thing here is that Family First existed long before Bob Day and it'll exist long after Bob Day."
Federal Opposition Leader Bill Shorten has given his reaction.
"Not as worried about Bob Day's future as I am about the hundreds of families and contractors who've been ripped off by his companies," Mr Shorten tweeted.