Galway Bay fm newsroom – It’s been revealed that the former owners of Morans on the Weir spent 125 thousand euro in the first two months of this year despite owing 20 million euro to the bank.
The Commercial Court heard that that a significant portion of the money was spent on a wedding, living expenses, legal fees and travel, during January and February.
Allied Irish Bank took the case against William and Sheila Moran in the Commercial Court in a bid to recover debts worth 20 million euro.
It’s previously been claimed that despite selling off some property assets, including Morans pub at the Weir, none of the money was used to reduce the debt to the bank.
AIB says that between 2011 and 2014, 900 thousand euro was withdrawn from the couple’s Bank of Ireland account, representing an average monthly expenditure of 24 thousand euro.
The court has now heard that the couple spent 125 thousand euro in the first two months of this year – including 47 thousand on legal fees and 10 thousand on travel.
The bank also queried two Latvian investments from which 125 thousand euro was paid out during that period.
It was told that 40 thousand euro was being held in cash by the couple, plus a further 23 thousand euro and other sums for living expenses over two months.
According to the Irish Times, the bank has been granted a three week adjournment to ensure a ‘satisfactory undertaking’ not to dissipate funds from these and other investments.
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