Former billionaire Tony O’Reilly now insolvent

Former billionaire Tony O’Reilly has had a judgment for €22.6m entered against him at the Commercial Court.

The court heard yesterday that the businessman was insolvent and has other borrowings of some €195m.

Judgment for other sums that total nearly €23m was also entered in favour of Allied Irish Banks against two of the 78-year-old’s investment vehicles, Indexia Holdings and Brookside Investments Ltd.