Developer’s wife awarded €9,000 a month expenses
Court grants wife of bankrupt Larry O’Mahony living expenses from frozen €1 million
Christine Connolly, of Shrewsbury Road, Ballsbridge, Dublin 4.Photograph: Collins Courts
The wife of discharged bankrupt developer Larry O’Mahony has secured court orders allowing the family living expenses of €9,000 a month, out of some €1m frozen monies, pending a ruling on whether State-owned Irish Bank Resolution Corporation has any claim to them.
Christine Connolly, who claims she owns the monies from which the expenses are being paid, sought some €10,000 a month total living expenses.
This included some €3,000 to €3,5000 monthly costs of renting a four bedroom home in Dublin 4; €1,644 school fees and extra-curricular expenses for her three children; about €820 to cover monthly car expenses and €165 for a golf subscription.
That sum was opposed by IBRC whose counsel Cian Ferriter SC argued, that while Ms Connolly and her husband Mr O’Mahoney — a former business partner of Priory Hall developer Thomas McFeely — had “lived a Celtic Tiger lifestyle” when they had wealth, they did not have that any more and should adjust accordingly.
While IBRC accepted the relevant law provides for payment of living expenses to fund the lifestyle to which the relevant person was reasonably accustomed, IBRC was conscious, if its claim to the frozen monies was upheld, the expenses were being funded by the Irish taxpayer, counsel said.
Martin Hayden SC, for Ms Connolly, said the expenses sought were reasonable and his client had reduced the family outgoings.
IBRC had previously agreed to expenses of some €6,500 a month and Ms Connolly wanted an additional sum of €3,750 monthly to cover costs including renting a property for her family who must leave their home on Dublin’s Shrewsbury Road shortly as it had been repossessed by NAMA, Mr Hayden said.
The debt on Shrewsbury Road far exceeded what it was sold for and a High Court stay on the July repossession order to allow them find alternative accommodation would expire on December 1st, he added.
Mr Justice George Birmingham said Ms Connolly had last June sought living expenses of €8,176 monthly — not including any rent as the family were then still living in Shrewsbury Road — and that sum was reduced, by agreement of both sides, to €6,500.
Ms Connolly was now seeking an additional sum of €3,750 a month to rent one of two properties which she considered appropriate. Both properties — at Upper Leeson Street and Serpentine Avenue, Ballsbridge, looked “attractive and desirable”.
It was accepted there would have to be some topping up of the €6,500 figure to meet rental costs, there should be some regard to the family’s previous lifestyle, they were not required “to live in penury” and their children should continue in their local schools, he said.