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He wept to the judge that he needed €16k a month to get by

GER Killally's fall from grace was public and spectacular.

From being lauded as a successful businessman, chairman of the local council and future TD, he had to suffer the indignity of all his dirty linen being washed in a series of courts appearances.

During the boom times, Killally and partner Richie Connor had gone on a property-buying frenzy with borrowed money, leaving a trail of debt.

His troubles first came to light when the pair were sued for millions by former business partners for "secret profits" allegedly made in land deals. In one deal, the partners said they paid €6.5m for lands but the Commercial Court heard the actual price, paid through a sub-sale, which was alleged to have benefited Killally and Connor, was €5m.

In another deal, the court heard that 16.5 acres of land which had planning permission were sold in a series of transactions in a manner which secretly benefited the pair but concealed the true nature of the transactions.

Before the court, Killally and Connor admitted making some undisclosed profits from two land deals in Co Offaly but denied making similar money out of two more deals. The case was settled for €25m before Killally or Connor were called to give evidence to the court.

As his business empire began to unravel, the banks secured judgements against the pair for millions. The EBS launched an €11m action against Killally for a loan in 2006 for a hotel and spa development at Edenderry.

At one point before the court, Killally wept as he told Mr Justice Peter Kelly about his huge household expenses, saying he needed €16,000 a month.

He told how his bills included €1,500 a month for electricity and €42,000 a year for life and health insurance.

Mr Justice Kelly at the time said: "Mr Killally must come to his senses and radically reduce his living standards to take account of his indebtedness."

Last November, Ger Killally had listed debts of more than €84m.

csheehy@herald.ie


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