Speculation is mounting that pan-European political party Libertas is about to disband.

It is believed that the party's offices in Britain and Europe have been shut down and questions are being raised as to the mounting bills owed to candidates who ran across Europe.

Despite running 532 candidates across Europe, French MEP Phillippe de Villiers was the only one elected. However, this week the party received a further blow with the confirmation by Mr de Villiers that he is no longer a member of the organisation.

However, a spokesperson for Libertas in Ireland rejected the claims, saying the party are simply taking some time to "consider their options".

"No, we are not disbanding; we are just taking some time to reflect on the events of the last few months. We have not made any final decision as to the future of the party, so I would reject these suggestions. There have been reports that the campaign cost €40 million but this is completely untrue. The cost was much lower and there is a much smaller bill to be paid," he said.

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