Mr Justice Frank Clarke has finished delivering his written judgement in relation to the second application by the Zoe group for examinership, owned by property developer Liam Carroll.
The judge has already turned down the application.
He said the evidence presented to him made the prospect of survival of the companies at the further end of optimism.
He deferred making an order until 2pm on Monday and also adjourned winding up applications for two of Mr Carroll's companies, by AAC bank until Monday.
Over the course of a lengthy judgement, Mr Justice Frank Clarke outlined why he believed the companies did not have a reasonable prospect of survival, which is the statutory test for examinership.
He described as a 'significant flaw' in the business plan, the fact that interest rates had been calculated to remain at just 1% over the next two years or so.
He said the evidence of economic experts suggested that rates would rise and that even a rise of half of one percent would add four million euro to the companies' interest bill.
He noted that even though the plan envisaged an interest moratorium for two years, it would still have to pay the interest when it emerged at the other end, which he said could have 'a devastating impact'.
Referring to the prospects for the property market in general, he said there was a greater downside risk to prices, at least over the next two years and there were also risks to the rental income projected by the group.
On NAMA, Mr Justice Clarke noted that in excess of 50% of the group's banking debt could be covered by the scheme and while it was impossible to speculate how NAMA would approach the loans, he said the overall interests of NAMA would not be dissimilar to a commercial bank, namely to recover as much money as possible.
Mr Justice Clarke deferred making an order on the judgement until Monday and also adjourned winding up proceedings by ACC until the same date.
Seven companies ultimately owned by property developer Liam Carroll were part of the application for examinership before the High Court. But it had been argued the future of the 51 companies in the wider Zoe Group is dependent on their survival.
The companies have debts of €1.2 billion but under a business plan submitted as part of its application, Zoe believes it can meet its debts over a three to five year period. Part of the plan includes the non-payment of interest for two years on its debts, owed to eight banks.
The application was opposed by Dutch owned ACC Bank, which is owed €136m. It was supported by the property developer's other lenders as well as trade creditors.
Zoe's original application was turned down by the Commercial Court. An appeal to the Supreme Court was also rejected. This unprecedented second application was permitted on the basis of new information presented to the High Court.