Most of the €7.4m proceeds of sale of businessman Sir Anthony O'Reilly's home in Co Kildare have gone towards paying off his €22.6m debt to AIB, the Commercial Court has heard.

The bank now wants to ask him in court about other means he has of paying off the remainder.

The bulk of the proceeds of the sale of Castlemartin has gone towards reducing the businessman’s personal debt to AIB to around €14.3 million, the court heard.

AIB told Mr Justice Brian McGovern it wants to cross-examine Mr O’Reilly in court as to any other means of satisfying the €22.6m judgment entered against him last June.

The court heard Mr O’Reilly is to participate in the equivalent of Ireland’s personal insolvency arrangements in the Bahamas where he has a home.

His doctor in New York said last month the 79-year-old should not travel for at least the next two months, AIB says.

Judgments for €18.5m and €4.1m respectively were also entered last June against two of Mr O’Reilly’s investment vehicles, Cyprus-registered Indexia Holdings and Brookside Investments Ltd.

Indexia’s debt now stands at around €10m following the sale of 8.9 million shares in Independent News and Media for €1.5m, AIB senior manager Mark Harris said in an affidavit.

Brookside’s debt is still €4.2m because an estate in Glandore in Cork, Shorecliffe House, which was Mr O’Reilly’s Irish home, has not yet been sold, Mr Harris said.

Receivers were appointed to sell Shorecliffe but it remains on the market and it is hoped to find a buyer in the near future, he added.

While those measures to meet the debt have taken place, Mr Harris said Mr O’Reilly and the two companies have failed or refused to consensually disclose other financial information.

As a result, AIB brought an application before Mr Justice Brian McGovern for an order that Mr O’Reilly and others connected with the companies attend before the Commercial Court to be examined in relation to any other assets.

The matter was adjourned to next month.

The bank seeks orders that Mr O’Reilly disclose records and accounts relating to the following companies: Galicia Management Ltd, Birchfield Holdings Ltd, Balinae Enterprises Ltd, Araphoe Investments Ltd, Glandore Ltd, Arquette Ltd, Collins Hill Investments Ltd and Halsey Investments (Cayman) Ltd.

It also wants him to disclose details on oath of any asset transfers, worth more than €10,000, made within the last five years.

The banks also wants orders allowing it examine under oath Elena Mixahlidou and Xrista Theodrou, directors of Indexia, along with company secretary Eirene Loytee. It also seeks up-to-date accounts from Indexia.

It also seeks to examine Pauline O’Donovan, director of Brookside and company secretary/director James Kelly, and also wants copies of its latest audited accounts.

It wants an order requiring the defendants to furnish charts displaying the ownership structure of any assets indirectly and/or beneficially held by intermediate companies.

Mr Harris says he met Bernard Somers, a representative of Mr O'Reilly and the two companies, last July when details were sought about their financial affairs. He said Mr Somers refused to provide those unless a stand-still agreement, in relation to recovery of the debt, for a certain period, could be arranged.

Mr Harris said this was not acceptable to AIB and correspondence followed. As of last month, the defendants’ solicitors had failed to provide documentation sought in relation to their financial affairs, Mr Harris said.

The defendants had said Indexia is to be placed in a creditor’s voluntary winding up which will affect Brookside as it is a subsidiary of Indexia.

Mr O’Reilly himself is proposing a “composition with his creditors under Bahamian law in the near future”, Mr Harris added.

His solicitors had also written saying Mr O’Reilly had arranged a meeting of his creditors in London on April 30th last at which an extraordinary resolution was to be proposed resolving to accept a composition with his creditors in satisfaction of their debts.

The solicitors also provided a statement of his assets and liabilities along with a medical report from a doctor in New York, dated April 14th, stating Mr O’Reilly should not travel for at least the next two months.

Mr Harris said he believes there are no impediments to the bank proceeding to have Mr O’Reilly examined before the court.