Updated 11.00

The High Court has refused to set aside property developer Sean Dunne’s bankruptcy in Ireland.

The Carlow-born businessman’s lawyers have indicated that he may appeal the ruling.

Sean Dunne was declared bankrupt by the Irish courts last July over a €164 million debt to Ulster Bank.

The developer, who now lives in Connecticut, had already filed a voluntary bankruptcy petition in the United States, which gave him an automatic worldwide stay on any further proceedings.

However a US court subsequently decided to allow the parallel proceedings in Ireland on the basis that it would benefit Mr Dunne’s creditors because most of his properties are in Ireland.

In these proceedings the property developer tried to set aside the Irish bankruptcy – partly on the basis that he hasn’t lived here since 2007.

But Mr Justice Brian McGovern has found Mr Dunne has failed to show that the order was invalid – and at one point in his judgement he refers to ‘a willingness to engage in forum shopping’.