Bankruptcy order granted where personal insolvency options are too remote

Petition for bankruptcy - judgment obtained in High Court in sum of €3.6 million, with bank holding €895,000 in security for debt - whether petition should be dismissed as having been brought for a collateral purpose - whether proceedings should be adjourned to allow debtor's separate proceedings against bank and its receiver to finalise - whether bank seeking to avoid judgment in separate proceedings - Court's jurisdiction - litigation between bank and debtor - alleged infirmity regarding sealing of mortgage deed was not pleaded by debtor in separate proceedings so bank unaware of precise nature of litigation until court hearings - no evidence of male fides or improper motive - debtor does not deny debt - significant level of debt due and owing - whether stay should be granted - misunderstanding by debtor or wide powers of official assignee in bankruptcy with regard to his separate claims - possibility of personal insolvency options - whether no practical reality - court mandated by statute to consider - no power to assess likely damages recoverable by debtor in receivership proceedings - creditors' consent or waiver - value of debtor's assets and liabilities - Court's inherent jurisdiction - creditor's prima facie entitlement to an adjudication order being made - petition properly before court - insufficient prejudice shown - order for adjudication of bankruptcy made.