Controversial businessman Nathan Tinkler is expected to launch a court appeal to stave off bankruptcy.
Mr Tinkler has been fighting a petition from GE Commercial that he be declared bankrupt over a $US2.25 million debt, which was said to be worth almost $2.8 million in Australian dollars as at June 2015.
Federal Court Judge Jacqueline Gleeson on Tuesday ordered that a sequestration order be made against Mr Tinkler's estate.
She also directed that her orders not be acted upon before 4pm on Tuesday because Mr Tinkler's lawyers indicated they planned to appeal.
By close of business on Tuesday, no appeal documents had been formally filed with the court, and attempts by AAP to reach Mr Tinkler's solicitors for comment were unsuccessful.
However, Justice Gleeson ordered that proceedings under the sequestration order be stayed for three weeks.
Mr Tinkler had argued in court that he should not be declared bankrupt in part because he was solvent, but Justice Gleeson on Tuesday found that "the evidence relied upon by Mr Tinkler did not support his contention as to solvency".
His lawyers also argued that GE Commercial had not relied on the right exchange rate when converting the debt from US to Australian dollars last year.