The High Court has stood down the appointment of an interim examiner to the €1.8 billion O'Flynn property empire.

In a ruling today, Judge Mary Irvine restored Michael O'Flynn and his brother John to control of their companies.

In July, the owners of loans backing the O'Flynn business - Blackstone - secured the appointment of an interim examiner and receivers to some of his companies.

Judge Irvine said Blackstone had failed to show there was no co-operation from the O'Flynn brothers in relation to dealing financial affairs of the company.

And she said Blackstone had not given Mr O'Flynn inadequate amount of time to repay his borrowings.

A full hearing of the case will take place in October.

Speaking outside court, Mr O'Flynn has thanked those involved.

Newstalk's business editor Ian Guider was in court and spoke to Lunchtime earlier.

Originally published 14:12