Galway Bay fm newsroom – The former owners of Moran’s pub and restaurant at the Weir in Kilcolgan have a fortnight to answer questions about expenditure in a Commercial Court case.
AIB has taken the case in a bid to recover a debt of almost 20 million euro.
According to today’s Irish Times, it’s claimed that William and Sheila Moran spent 900 thousand euro on living expenses from the proceeds of property sales.
It’s been claimed at the Commercial Court that despite selling off some property assets, including Morans pub at the Weir, none of the money was used by William and Sheila Moran to reduce the debt to AIB.
AIB obtained judgment against the couple in 2012 after default on loans for property investment.
The bank says that between 2011 and 2014, 900 thousand euro was withdrawn from the couple’s Bank of Ireland account, representing an average monthly expenditure of 24 thousand euro.
A quarter of a million euro of this was paid for ‘future educational expenses and living expenses’ of three of their children.
A solicitor told the Commercial Court that William Moran is seriously ill and his wife is a housewife who has no involvement in her husband’s financial affairs.
A judge previously ordered the couple’s advisors to provide information about their assets but the bank claims that they have continued to fail to answer questions.
Justice Hedigan said that questions had not been answered satisfactorily and adjourned the matter for a fortnight so the questions could be answered in detail.