At least five financial institutions are owed at least five times the value of Glenlion House and a receiver has been appointed by the Mr Justice Peter Kelly.

Lawyers for Michael Lynn's wife, Brid Murphy, informed the court when asked that the 39-year-old Mayo native's whereabouts remained unknown, but that she had been talking to him by phone subsequent to last Wednesday, when her lawyers told the courts that her calls had remained unanswered.

Counsel for Ms Murphy said Lynn had informed her that Merriman White, the London-based law firm, was going to represent him.

The last time Ms Murphy says she saw her husband was a week ago in London at the offices of Merriman White.

Meanwhile, the judge appointed a receiver who will work on taking possession of Glenlion House in Howth so it can be sold.

An ad will be placed in the London Times as soon as possible informing Michael Lynn of the latest developments and he will be given eight days to reply.