An application seeking to have a former director of a property development fund adjudicated bankrupt over a €1.85 million judgment debt might not proceed next month as settlement terms have been shared between the parties, the High Court has heard.

Stephane Fund (56) and former Irish rugby international Brendan Mullin were co-directors of Bisvale DAC, which went into receivership in 2021.

Mount Street Mortgage Servicing Limited (MSMS) brought petitions seeking to have both men adjudicated bankrupt.

Last April, the petition related to Mr Mullin (60), with an address in Donnybrook, Dublin, was struck out with consent from him and the company.

The petition against Mr Fund, of Kilternan, Co Dublin, is listed for hearing on July 22nd.

On Monday, Mr Fund’s barrister, Keith Farry, told the court that terms of settlement have been shared between his client and MSMS.

He asked Mr Justice Liam Kennedy to schedule for the case to be mentioned on July 15th for an update on implementation.

Úna Nesdale, counsel for MSMS, said the issues between the parties have narrowed, and the lawyers will be able to update the court in two weeks about whether the petition hearing will proceed or be struck out.

The judge listed the case as requested.

The petition follows a judgment MSMS secured from the High Court for some €2 million against Mr Fund and Mr Mullin.

The judgment, given in April 2022, arises from guarantees concerning loans to purchase properties in Ballsbridge from the National Asset Management Agency (Nama).