A GALWAY couple with significant property investments are being pursued at the Commercial Court by Allied Irish Banks for more than €19 million over unpaid loans.
Among its demands the bank said the couple were also to remit to it the proceeds of sale of a licensed premises, Morans On The Weir, in Galway.
The €19.4 million summary judgment application by AIB plc and AIB Mortgage Bank is against William and Sheila Moran, The Weir, Kilcolgan, Co Galway.
In separate proceedings, the couple and their son Michael Moran are challenging the bank’s appointment in March last of receivers over 24 properties.
The Morans are contending the bank’s summary judgment claim has been brought in reaction to their proceedings but Denis McDonald SC, for the bank, disputed that.
Both proceedings were transferred to the Commercial Court by Mr Justice Peter Kelly, who returned them to May 8th.
In the bank’s action, it claims the couple’s liabilities arises from a loan agreement of August 2010, another agreement of June 2010 made between the bank and the couple and Michael Moran, and from a series of mortgage loan agreements.
The bank claims it understood the shares in a Polish company, Grudnia Investments SP ZOO, were held in the couple’s name, but it learned about August 30th, 2011, that those shares were transferred to their son Donal Moran.
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