The High Court has set aside an order requiring bankrupt businessman Seán Dunne to pay his creditors €7,000 a month.

The Bankruptcy Payment Order (BPO) was made in 2018 by Ms Justice Caroline Costello.

But today, the order was set aside by Mr Justice Richard Humphreys.

He made his decision on the basis that Mr Dunne's net personal income for the last two years is around €1,371 a month, that he cannot access his pension until he is 70, and that significant monies provided by his ex-wife for the benefit of their four children, of whom he is the sole carer, could not be treated as his income.

The previous order directed Mr Dunne to make payments of €7,000 a month from 25 November 2018 to 25 July 2021.

The court official in charge of his bankruptcy, the official assignee, then claimed Mr Dunne had not complied with the BPO. The 66-year-old argued he did not have the ability to pay it.

Mr Dunne, who now has an address in Surrey in England was adjudicated bankrupt in Ireland in 2013 after he defaulted on loans of €164 million to Ulster Bank. He also filed for bankruptcy in the United States.

He was due to exit his Irish bankruptcy in 2016 but it was extended by 12 years after the court found he had not cooperated with the official assignee.

Parts of Mr Dunne’s application to vary the BPO were heard in private as some matters concerned family law proceedings and others referred to matters described by the official assignee as "scandalous and irrelevant allegations".

Mr Justice Humphreys set aside the BPO in full and dismissed the official assignee’s separate contempt application against Mr Dunne for non payment.