A Dublin businessman, Mr Matthew Kelly, is a "unique species of bankrupt - one who is a multimillionaire", it has been claimed in the High Court.
Mr Michael Collins SC, for Mr Tom Grace, official liquidator of Kelly's Carpetdrome Ltd, made the remark when applying for an extension of time to prove to the official assignee in bankruptcy a debt of some £1.9 million against Mr Kelly.
The debt was to have been proven by July 31st, 1997, but Mr Collins argued that the liquidator had only recently learnt, through investigations of Mr Kelly's assets by the Criminal Assets Bureau, that Mr Kelly had substantial assets which could discharge the debt.
Dr Michael Forde SC, for Mr Kelly, opposed the liquidator's application for more time.
The hearing of the application concluded yesterday and Mr Justice McCracken reserved his decision. The case will be mentioned again on Tuesday.
The court was told Kelly's Carpetdrome was wound up by High Court order in 1981. Mr Patrick J. Byrne was appointed liquidator and brought proceedings against two directors of the company, Mr Matthew Kelly and his brother Eamon, for a declaration that they be held liable for the debts and other liabilities of the company.
In 1983 the High Court declared the business of the company was carried on from October 1976 to February 1980 with intent to defraud company creditors and for other fraudulent purposes and that Mr Matthew and Mr Eamon Kelly knew this.