The director of Irish building materials firm, Kingspan has sold almost his entire remaining stake in the company, a newspaper report has said.

Brendan Murtagh told the High Court last month he is "insolvent", said the Irish Independent.

According to documents filed with the court, Mr Murtagh – who founded the Cavan-based company with his brother, Eugene - has sold the shares for €24.6m, pledging them to Anglo Irish Bank as guarantees

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A stock market filing yesterday showed that Mr Murtagh currently holds only 132,879 shares in the company – valued at around €731,000.

Mr Murtagh and two other businessmen involved in property group Howard Holdings are being pursued for €28.1m by investors related to Polish property deals.

All three have total judgments for more than €60m entered against them.

A statement of his assets filed with the court showed he has net liabilities of more than €350m.

(NS/BMcc)