The High Court has refused the applications of Brian and Mary Patricia O'Donnell to annul an adjudication of bankruptcy.
The O'Donnells accepted that they borrowed in excess of €65m over a period of years in the 2000s.
However, they argued that their borrowings were with Bank of Ireland Private Banking and not Bank of Ireland.
Ms Justice Costello said in her judgment: "There was no fraud or abuse of process by the bank at any stage ... I refuse the applications in each case."
Mr O'Donnell said they will be appealing the ruling.
The O'Donnells have been living in the former family home in Killiney since the end of February.
The Court of Appeal ruled yesterday that they must vacate the Gorse Hill property, but it granted a stay on the order to allow the couple to appeal.
They were also ordered to pay the costs of their case. The couple owes more than €71m to the bank.
The O'Donnells argued that Bank of Ireland was not a creditor of either of them, they said all their borrowing were with Bank of Ireland Private Banking.
They also said that BOIPB was not a licensed bank and that it was a criminal offence for BOIPB to carry on the business of a bank.
Ms Justice Costello said she rejected the submission that the bank concealed the true identity of the lender from the O'Donnells and said she found it extremely difficult to believe that people borrowing such very substantial sums would not consider very carefully all documentation.
She said in any event they clearly had an obligation to do so and cannot escape the consequence of their own failure in that regard.
She said there was no fraud or abuse of process by the Bank at any stage in the various hearings in courts here and in England, where the O'Donnells first petitioned for bankruptcy.
The application to annul their bankruptcy was rejected.
Before Ms Justice Costello finished delivering her judgment Brian O'Donnell stood up telling the High Court that he had to be at another court hearing and excused himself, before telling the court he would be appealing the judgment.
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