Lawyers for developer Seán Dunne have told the High Court they will be seeking to overturn a decision earlier this week declaring him bankrupt.

Mr Dunne was adjudicated bankrupt on Monday by Ms Justice Elizabeth Dunne over a €161 million debt arising out of unpaid loans made by Ulster Bank for properties in Dublin.

The now US-based developer was not in court for the hearing.

Mr Dunne’s representatives have two weeks to file the necessary paperwork outlining why he says the declaration should be reversed.

Ms Justice Dunne adjourned the matter to October 14th.

Her declaration formed part of parallel applications to have Mr Dunne adjudicated bankrupt in both the US and Ireland.

Mr Dunne, now living in Greenwich, Connecticut, has filed for bankruptcy in the US. He claims to have debts of $1 billion and assets of only $55 million.

Following an application by Ulster Bank, the US court-appointed trustee managing Mr Dunne’s US bankruptcy ruled that parallel proceedings would benefit Mr Dunne’s creditors as the vast majority of his properties and creditors were in Ireland.