Galway Bay fm newsroom - The High Court has made orders temporarily freezing the assets of a Kilcolgan man who AIB claims gave untrue evidence when being cross examined about his assets
The application for the order - known as a Mareva injunction - was obtained by AIB Mortgage bank against Joe McCaul from Roveagh, Kilcolgan and two others preventing his assets from being reduced below a value of 2.3 million euro
Joe McCaul is the owner of a shopping centre in Clarinbridge and several properties around Galway and in Co Cavan.
The bank appointed a receiver over the properties after obtaining a judgment for €2.37 million against Joe McCaul in 2015
As part of AIB's efforts to execute that judgment Mr McCaul was cross examined about his assets before the Master of the High Court last week.
Counsel said sworn evidence given by Joe McCaul in relation to rental income directly contradicts evidence obtained by the bank through its receivers.
As a result, the bank sought an an order preventing Mr McCaul from reducing, dissipating or transferring his assets below €2.37m.
The order has been granted on an ex-parte basis by Mr Justice Paul Gilligan who adjourned the matter for a week.
