The official administering Seán Dunne’s Irish bankruptcy believes the bankrupt businessman was the beneficial owner of a property at Dublin’s Shrewsbury Road purchased in July 2005 for €58 million, the High Court has heard.

Mr Dunne denies he was the owner of the "Walford" property and says it was bought in trust for his wife, Gayle Dunne.

At the High Court on Thursday, official assignee in bankruptcy Chris Lehane said he did not accept the property was owned by Gayle Dunne.

Issues concerning the ownership of Walford are the subject of separate proceedings pending before the courts.

Mr Lehane was giving evidence on the third day of his application to extend Mr Dunne’s bankruptcy over the businessman’s alleged failure to co-operate with the process after being adjudicated bankrupt here in 2013.

Mr Dunne denies not co-operating with Mr Lehane and opposes the application to extend his bankruptcy, due to expire in July 2016 but extended pending the outcome of the hearing concerning whether any extension, which can be for a maximum five years, should be granted.

The hearing continues on Friday before Ms Justice Caroline Costello.