Tony O’Reilly applies for bankruptcy in Bahamas

Former billionaire Tony O’Reilly was at the centre of an insolvency case in the Bahamas last night, trying to get protection from his creditors.

The former rugby star and media tycoon, who was for decades Ireland’s richest man, saw his wealth wiped out after pumping money into the ill-fated Waterford Wedgwood company and having his shares in Independent News & Media collapse.

Mr O’Reilly, who has been resident in the Bahamas since the 1990s, has already sold off a great deal of his property to pay off his debts.