Legal proceedings are under way in the Bahamas in which former billionaire Tony O’Reilly is seeking insolvency protection from his creditors.
Mr O’Reilly is being represented in court by John F.K. Delaney QC.
AIB, represented by Sophia Rolle, is attempting to have the proceedings struck out.
The case is continuing.
Mr O'Reilly has been resident in the Bahamas since the 1990s.
The businessman has already sold many of his most valuable assets to pay off debts but still owes millions of euro.
For decades Mr O'Reilly was Ireland's richest man. He was eulogised as an international rugby star, marketing guru and media tycoon.
His wealth was wiped out when his attempt to rescue Waterford Wedgwood failed at the same time as his shares in Independent News & Media collapsed.
He owed money to a number of banks. The biggest blow for him came when AIB secured a €22 million judgment against the businessman.
That has forced him to sell property, shares and art. If the court in The Bahamas agrees to the bankruptcy arrangement it would see his remaining assets sold to pay creditors.
It would be another blow for Mr O'Reilly, but it might be the end of his recent financial misery.
