Court refuses to grant former billionaire O'Reilly more time to pay debts

The Commercial Court has cleared the way for AIB to move in on assets owned by former billionaire Tony O'Reilly.

A judge has refused to give the businessman more time to pay his debts.

Mr O'Reilly is being pursued by AIB over a €22m debt that is not in dispute.

The Commercial Court was told on Monday that that represents 11.6% of his overall personal liabilities.

The bank claims the former billionaire is now insolvent.

Mr O'Reilly asked for six months to pay the outstanding debt to AIB, but this has been refused by Mr Justice Peter Kelly.

The judge also turned down a request to give the former Independent News and Media boss, who is in France, until Tuesday to consult with his lawyers.

The judge said a stay would curtail the rights of AIB which is afraid Mr O'Reily's other creditors may move to recover their debts.

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