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Saturday 25 February 2017

Bankrupt ex-Cowen running mate has €73m debt

Dearbhail McDonald Legal Editor

A former general election running mate of Taoiseach Brian Cowen is to be made bankrupt with debts of more than €73m.

Ger Killally, a former Fianna Fail councillor in Co Offaly who was at the centre of a High Court secret-profits row last year, is due to be formally declared a bankrupt, along with his wife Naomi, in October.

The father of three, an auctioneer who narrowly missed out on election to the Dail in 2002, has debts of €73.365m and assets of just €12.38m according to bankruptcy files seen by the Irish Independent.

Adjudicated as bankrupts in July last year, Ger and Naomi Killally will be required to attend the High Court for a statutory sitting in October and make a full disclosure of their property to the court.

Last year, Mr Killally and Richie Connor, a former Offaly GAA football manager, settled a multi-million euro damages action against them in the High Court after their former business partners claimed they made secret profits from four land deals in Offaly.

The case against Mr Killally and Mr Connor was settled less than 24 hours after one of Mr Killally's close friends told the High Court that, in relation to one €2.5m property deal, Mr Killally indicated that the unzoned lands to be bought by a partnership in which both men were involved, would be "rezoned in a matter of weeks".

Mr Killally, who was chairman of Offaly County Council at the time he was alleged to have stated that 16.4 acres of land were to be rezoned, did not contest the allegation made by businessman Frank Lawler.

Mr Killally made no comment in relation to his debts when contacted by the Irish Independent.

The vast majority of Mr Killally's debts relate to joint and several guarantees on bank loans provided to him and former business partners who engaged in various land deals in Co Offaly.

Irish Independent

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