Former controller of Independent News & Media (INM) Tony O’Reilly has been declared bankrupt in the Bahamas.
The news comes as other prominent Irish businessman Denis O’Brien was reported to have bought a €60 million (£42m) jet which arrived in Dublin.
In a case held in the Supreme Court in Nassau O’Reilly was given clearance to enter the insolvency process and a receiver over Mr O’Reilly’s assets will remain in place.
Counsel appeared for five creditors including AIB and ACC, with Sophia Rolle, representing AIB, asked the judge to strike out the original petitions of Tony O’Reilly on the basis that the proceedings were not properly placed before the court and lack of inherent jurisdiction.
John Delany, representing O’Reilly, said the guidelines were followed properly. The court ruling means Tony O’Reilly will now be able to file for insolvency in the Bahamas where he is tax resident.
Tony O’Reilly’s remaining assets are expected to be sold to repay creditors.
O’Reilly was the former controller of the global newspaper publisher INM, which O’Brien is now the largest shareholder and effective controller of.
O’Brien’s new Gulfstream jet was delivered to Dublin Airport last week and replaces an earlier 2013 Gulfstream he was using and which he has put up for sale.
The new jet, has an Isle of Man registration but an Irish tricolour on the tail wing, is said to be the fastest and most luxurious business jet on the market.
It can travel more than 8,500 miles at more than 660 miles per hour.