A High Court judge has said a former FF Councillor who “enjoyed the good life” before his auctioneering business effectively collapsed will have to make “a radical alteration to his lifestyle” given his “enormous debts”.
Mr Justice Peter Kelly said today he would free up some accounts of Gerard Killally to service debts and some expenses but would not make orders allowing for some €16,000 a month sought by Mr Killally for household and other expenses.
Mr Killally, whom the judge noted lived in a nine bedroom house, “must come to his senses and radically reduce his living standards to take account of his indebtedness”.
The fact Mr Killally, Shean, Edenderry, Co Offaly, had not acted wisely regarding his financial affairs was illustrated by his purchase of a new Audi Q7 SUV jeep after his auctioneering business collapsed in 2008, the judge added.
Bank of Ireland had also secured judgment orders for some €2.6 million against Mr Killally and his wife, other actions were pending against him and he had “enormous debts”.
Mr Justcie Kelly made the remarks when agreeing today to some variations of the court’s order last month freezing Mr Killally’s accounts below €8 million.
The variation includes allowing Mr Killally living expenses of some €10,000 a month to come from a Councillor’s salary of some €17,000 annually, any surplus rental income on several properties owned by him and/or his wife after mortgage payments on those properties are met from that rent, and any other income.
The judge said he suspected there would be no additional income and the €10,000 a month figure may have to be achieved by borrowings from the families of Mr Killally and his wife. The couple have received up to €120,000 from their families to date.