AIB has essentially resolved proceedings aimed at getting full details of the assets of a couple as part of its efforts to recover debt of some €20 million, the High Court has been told.
Ciaran Lewis SC, for the bank, said William and Sheila Moran, who had owned the well-known Moran's on the Weir pub/restaurant in Kilcolgan, Co Galway, had provided sworn statements verifying matters set out in correspondence relating to their assets.
In those circumstances, the bank was not proceeding further with cross-examination aimed at getting full details of those assets and the matter could be struck out, counsel said.
He said solicitors for the Morans had said they would not be in court on Wednesday and were neither opposing nor consenting to the bank’s application for its legal costs.
Mr Justice Michael Twomey agreed to make the strike-out order and also awarded costs to the bank.
Living expenses
Previously, the bank said it was “rather surprised” to be told how the couple spent some €125,000 paid out from Latvian investments in the first two months of this year.
At a hearing last April, Mr Lewis said its solicitors were told, when they asked what the €125,000 withdrawn by William Moran was used for, that it was spent on living expenses, a wedding and legal expenses.
AIB obtained judgment against the Morans in 2012 over default on loans for property investment. It claimed, despite selling off unencumbered property assets since then, including the Kilcolgan pub, for a total of €2.8 million, none of the money was used to reduce its debt.
It said some of the money was used to pay the Revenue Commissioners (€415,000) and the Morans' professional advisers (€211,000), leaving around €2.26 million available to them. The bank also claimed that, between November 2011 and December 2014, some €900,000, was withdrawn from their Bank of Ireland account, representing an average monthly expenditure of €24,000 per month.
Previously, the couple, through a solicitor, denied claims they had failed to fully answer questions about transactions and their living expenses. Mr Moran is seriously ill and his wife is a housewife with no involvement in her husband’s financial affairs, it was stated.
