One of Ireland’s former wealthiest men is expected to apply for bankruptcy later today in the Bahamas, where he has resided for 20 years.

O’Reilly’s principal wealth was lost through the collapse of Waterford Wedgwood and the change of fortunes at a heavily-indebted Independent Newspapers - he was once valued at between €900n and €1bn.

He owed significant debts to a number of banks both here and internationally and AIB secured a High Court judgement against him for €22.5m in June 2014e has sold many of his assets including houses and works of art to meet his debts.

The €7.5m proceeds of the sale of the Castlemartin Estate in Co Kildare to John Malone, were used to reduce his debt to AIB to about €14m.

AIB still seeking detail about his remaining assets and what decisions were taken about them and whether other banks have charges over them.

The Bahamas Court is reported to have appointed an interim receiver and a hearing is scheduled for today at 10am local time - 3pm GMT.