Former Galway Pub Owners to Answer Questions Over Spending
The former owners of one of Galway's most iconic pubs have earned over €2.8 million from the sale of assets but have not paid any of their bank debt of €20 million, a court heard this week.
William and Sheila Moran, who owned the famous seafood restaurant and pub Moran’s on the Weir in Kilcogan, will answer questions from the Commerical Court after AIB claimed the couple have spent over €900,000 on living expenses from the proceeds of the sale but have not paid any of the €20 million of debt owed to the bank, The Irish Times reports.
Since obtaining a ruling against the pair in 2012, AIB has claimed they have paid none of the €20 million debt owed, despite selling the pub for €1.5 million, an apartment for €950,000 and the loan rights of a Polish company called Grudina for €370,000.
AIB claim that the couple has withdrawn €900,000 from their account between November 2011 and December 2014 for personal expenses, an average of €24,000 a month.
A solicitor for the couple said the questions posed by AIB have been answered. Mr Justice Hedigan said the questions had not been answered satisfactorily and said they must be answered in detail over the next two weeks.