Former billionaire Tony O'Reilly has been declared bankrupt in the Bahamas.

Formerly Ireland's richest man, his failed attempt to rescue Waterford Wedgewood and the collapse of his shares in Independent News and Media resulted in him losing a fortune.

AIB secured a judgement against him of around €22.5 million in June of last year.

Mr O'Reilly has been given the go ahead to file for a personal insolvency arrangement by the court in the Bahamas.