Couple who owe AIB €20m spent €125,000 in two months

Owners of Morans on the Weir in Co Galway spent it on living expenses, law and wedding

about an hour ago

Morans on the Weir in Kilcoglan: William and Shelia Moran said €47,000 went towards court proceedings brought by Nama; some €10,000 was for travel and expenses and €5,000 was spent on professional fees

Allied Irish Bank was “rather surprised” to be told how a couple who owe the bank some €20 million spent some €125,000 on living expenses, a wedding and legal expenses in the first two months of this year, the Commercial Court has heard.

Ciarán Lewis, for the bank, said its proceedings against William and Sheila Moran, who formerly owned the pub and restaurant Morans on the Weir, Kilcoglan, Co Galway, had been in the Commercial Court list a few times.

Mr Lewis said the bank’s solicitors had asked what William Moran had done with €125,000 that had been withdrawn. It seemed some €47,000 went towards court proceedings brought by Nama; some €10,000 was for travel and expenses and €5,000 for professional fees, he said.

Due to health and other reasons, Mr Moran was unable to provide full answers and advisers were asked to assist in that regard, counsel said.

The bank had concerns about two Latvian investments from which some €125,000 was paid out between January and February last.

Last Thursday, the bank got answers concerning what was done with the funds and was “rather surprised” by the response, including it seemed some €40,000 was held in cash, plus €23,000 and other sums for living expenses over two months.

The bank wanted a “satisfactory undertaking” not to dissipitate funds from these and other investments and wanted a three-week adjournment to enable the issues be addressed, he said.

Mr Justice Brian McGovern granted the adjournment.