The High Court has adjudicated convicted fraudster Breifne O'Brien as being a bankrupt.

In 2014 the former businessman was given a seven-year prison sentence, which he is currently serving, for inducing others to advance millions of euro to him for investment in bogus property deals. 

O'Brien, with an address at Monkstown Grove, Monkstown, Co Dublin, had pleaded guilty at Dublin Circuit Criminal Court to 14 sample counts of making a gain or causing a loss by deception or theft of around €8.5 million between 2003 and 2008.

He was sentenced to seven years in prison and last December his appeal against the length of that prison term was dismissed by the Court of Appeal. 

O'Brien was adjudicated as being a bankrupt by Ms Justice Caroline Costello at the High Court today.  

He was present in court for what was a short application, and was one of several people adjudicated bankrupt. 

It is understood he owes around €40m to his creditors. 

Barrister Keith Farry for O'Brien said his client was seeking to be declared bankrupt on his own petition. 

Counsel also told the court O'Brien's solicitor, Alan McGee, would liaise with the official in charge of bankruptcy, Official Assignee Chris Lehane.

Ms Justice Costello said she was satisfied to adjudicate O'Brien as a bankrupt. 

She said after considering his application he would not have to file any additional statement of affairs. 

However, he would have to advertise the adjudication on the Insolvency Service of Ireland's website and in Iris Oifigiúil, the official gazette of the government of Ireland, she directed.