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 €22 million debt which 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 insolvent.

Tony 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 (INM) 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 steal a march on them.