Former Irish rugby player declared bankrupt after selling Kildare mansion

A former major shareholder for Independent News and Media has been declared bankrupt by a court in the Bahamas which will now help to protect him from his creditors.

Sir Anthony O'Reilly owned the Castlemartin Estate in Kilcullen but was forced to sell it last year to a US tele-communications giant John Malone for €28 million. His home was just one of a number of prized assets that he was forced to sell in the past year.

O'Reilly, who qualifies as a tax-resident in the Caribbean country having owned property there since 1990, will now not have to honour any previous agreements made with creditors thanks to the court's ruling. AIB had opposed the application for bankruptcy.

O'Reilly, who represented Ireland from 1955 to 1970, also sought for the terms of the bankruptcy to extend to Britain and Ireland.

It adds to the story of the downfall of O'Reilly, who was thought to be the country's first ever billionaire after being chief-executive of the Heinz Group and a major shareholder in Independent News and Media until Denis O'Brien forced him out.