Property developers Michael and John Taggart are offering a settlement where they would repay less than 1p for every pound they owe.
That arrangement, known as an  Individual Voluntary Arrangement (IVA), would allow them to avoid bankruptcy.
The brothers' house-building business collapsed in 2008. Their creditors will vote on the IVA proposal next month.
In December 2015, the brothers lost a long-running legal battle with the Ulster Bank.

Bradley Lowery, from Blackhall Colliery near Hartlepool, was diagnosed with neuroblastoma in 2013.
More than £700,000 was raised to pay for treatment in the USA, including a donation of £200,000 from Everton.
However, last week his mother Gemma revealed his cancer had grown and treatment would only give him more time.
On Tuesday it was revealed that Bradley had been sent more than 11,000 Christmas cards from well-wishers.
A campaign to encourage people to send him the cards had been organised by an Everton fan.
Two County Londonderry brothers facing bankruptcy owe their creditors up to £213m, the High Court has been told.
[NEXT_CONCEPT]
A five-year-old boy with terminal cancer has appeared as a mascot at the Sunderland v Chelsea game.