O’Reilly Creditors Likely To Seek Deal After Bahamas Bankruptcy

A meeting of creditors of Sir Anthony O’Reilly to see if a formal deal can be reached on the sale of his assets and the division of the proceeds is likely to follow Friday’s decision of the court in the Bahamas to declare him bankrupt. The judge in the case specifically mentioned that parties in the case could subsequently apply to the court to ratify such an agreement, the Irish Times reported. A deal appears possible with the bulk of the creditors, but AIB objected strongly in court on Friday and it remains to be seen if it takes further legal action, either in the Bahamas or Ireland, to try to safeguard its position. The decision of Judge Milton Evans in the Supreme Court in Nassau to declare Sir Anthony bankrupt will protect his assets from moves by creditors in advance of an agreement being reached. This is unless AIB or another creditor can successfully challenge the right of the court to adjudicate on assets in other countries. A key part of AIB’s claim was that the court did not have jurisdiction to do this. Read more.