Petition to wind up Accolade (Shels)

**Raheny Red** · 16/03/2006, 10:52 PM

There is something rotten in the state of Shelbourne F.C

Seriously though, are the public allowed to attend this court hearing

**Poor Student** · 16/03/2006, 10:54 PM

Raheny, whatever this means:

"Any person who intends to appear at the hearing of the said Petition must serve on or send by post to the above-named Petitioner or his Solicitor notice in writing of his intention to do so. The notice must state the name and address of the person or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Solicitor, (if any), and must be served, or, if posted must be sent by post in sufficient time to reach the above-named Solicitor or the Petitioner not later than 5 o'clock in the afternoon of the 31st day of March, 2006."

**Dodge** · 17/03/2006, 12:55 AM

LOL @ shels fans!

**Dr.Nightdub** · 17/03/2006, 1:38 AM

Sounds like the chickens are coming home to roost - and they's a-carryin' bird flu.

**Block G Raptor** · 17/03/2006, 1:42 AM

Originally Posted by sfc red

Well done lads, 6 pages of you lot getting way too horny about Shels APPARENT problems. Bravo

My God There still denying it. is it a pre requisite to follow shels that your head must be buried firmly in the sand

In the words of Geldof/ure

Tonight thank god its them instead of us

**Block G Raptor** · 17/03/2006, 1:44 AM

Originally Posted by Dr.Nightdub

Sounds like the chickens are coming home to roost - and they's a-carryin' bird flu.

POTHOFI

Post of the history of foot.ie

**REVIP** · 17/03/2006, 6:55 AM

There seem to be three stages of financial difficulty, examinership, receivership and winding up.

http://www.cro.ie/template_generic.a...el4=0&Level5=0

I have heard of private creditors seeking a winding up order against a company in order to rattle their cage and get bills paid. I'm not sure the Revenue Commissioners need to do much cage rattling, as they have so many other powers.

**CollegeTillIDie** · 17/03/2006, 7:38 AM

Ok on one level it might be amusing to some to see another EL club in trouble.

However on a more rational level it's not a good sign! If a club with the level of success that Shelbourne have enjoyed in recent years in Europe and reaching the final of the Setanta Cup etc, which means they have access to funding that other clubs do not get, what chance is there of other clubs of having a full-time professional team while at the same time balancing their books?

**bohs til i die** · 17/03/2006, 9:16 AM

just like to point out that there is massive differences between Rovers and Shels situations.

Rovers put themselves into Examinership, protecting the company from being wound up and the revenue accepted the amount they did because it was that or nothing because Rovers have no asset to sell to pay the debt

Shels have obviously ignored the revenue threats for months and the revenue have had enough. At a guess I would say the revenue started to put the squeeze on Shels about 6-8 months ago. Funnily enough it was back around then the groundshare idea was first discussed formally. Shels have something tangible that Rovers didnt [land, or more precisely the lease on Tolka] and the revenue know that Shelbourne have that lease and that it is worth a considerable sum.

If Shels had the money to pay this, why not pay it before it went to the High Court? Any creditors that Shels have will now get very twitchy about their money and may take similar action.

**Raheny Red** · 17/03/2006, 9:23 AM

Originally Posted by Poor Student

Raheny, whatever this means:

"Any person who intends to appear at the hearing of the said Petition must serve on or send by post to the above-named Petitioner or his Solicitor notice in writing of his intention to do so. The notice must state the name and address of the person or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Solicitor, (if any), and must be served, or, if posted must be sent by post in sufficient time to reach the above-named Solicitor or the Petitioner not later than 5 o'clock in the afternoon of the 31st day of March, 2006."

Cheers for that - I think I'll stay at home

**Poor Student** · 17/03/2006, 10:46 AM

Richard Curran and

Gerry McDermott

IRELAND'S leading soccer club faces being wound up by the Revenue Commissioners.

Shelbourne, known as the Reds, owe the taxman €300,000 and the commissioners have applied to the High Court to dissolve Accolade Ltd, the company that owns the club.

Shelbourne chief executive Ollie Byrne said last night that the liability could be sorted out and predicted that the club would survive its current difficulties.

Mr Byrne, who owns 99pc of Accolade, confirmed that they had a problem with tax but he felt it could still be sorted out before the court hearing on April 3.

"We have a debt to the Revenue and it is our intention to have it discharged in the next couple of weeks," he added.

The club blazed a trail for Ireland over the last 10 years when it became the first Irish team to reach the third and final qualifying round of the UEFA Champions League.

It has also won four Eircom League titles in the past seven seasons.

It takes about €2m a year to run the club. On top of the €300,000 due to the Revenue, it is believed the club owes €400,000 to other creditors.

Accolade's auditors questioned the accuracy of the company's accounts last year when they filed a heavy qualification with the Companies Office.

------------------------------------------------------------------------
http://www.unison.ie/irish_independe...issue_id=13819

I don't know if there's anything in the Times. Is there a Herald this evening? This sounds like a precarious financial situation to say the least.

**REVIP** · 17/03/2006, 10:53 AM

Talking to a barrister friend earlier, he said that a winding up order is really the nuclear option and felt that the Revenue Commissioners would only resort to such a drastic measure if there was no other prospect of them receiving payment.

Given that Accolade is the property of one person, maybe the time has come for Shels fans to think of a supporters' buy out of the club.

**micls** · 17/03/2006, 11:00 AM

Originally Posted by REVIP

Talking to a barrister friend earlier, he said that a winding up order is really the nuclear option and felt that the Revenue Commissioners would only resort to such a drastic measure if there was no other prospect of them receiving payment.

Given that Accolade is the property of one person, maybe the time has come for Shels fans to think of a supporters' buy out of the club.

Not takin the p!ss but do you really think there are enough hardcore Shels supporters??

**Gareth** · 17/03/2006, 11:40 AM

Originally Posted by Poor Student

Gareth was supposed to be offline too and his last activity here was about an hour ago.

I never knew I was being tracked so closely. It gives you that warm fuzzy feeling inside!! I was in fact online for a few minutes around 10 I think last night, but I made the error in not declaring this to the internet. Apologises, eitherway, I am online now, but will shortly be going back out. I should be on at roughly 3 o clock Poor Student again and then on and off throughout the evening before being online as long as the braodband works for the entire Shels Longford game. I can't guarentee my log on schedule tomorrow however but I hope Poor Student you will accept my apologises. If I am online, I hope you do not attribute it to some conspiracy just becasue soemeone else may of stated I would not be online!!

Cheers, Happy Paddys Day, your my first stalker in some time!!!

**EnDai** · 17/03/2006, 12:13 PM

Originally Posted by micls

Not takin the p!ss but do you really think there are enough hardcore Shels supporters??

I think there'd be alot more than some might think.

**micls** · 17/03/2006, 12:22 PM

Originally Posted by EnDai

I think there'd be alot more than some might think.

There'd want to be cos some people think there's only about 50 over the age of 18

**chippie0001** · 17/03/2006, 12:28 PM

Firstly I have no doubt that Ollie will get out of this is some way, as I can't see Shels being wound up. How he is going to do it Gods knows. Also it seems to be a warning to other clubs on fixed agreements not to miss one or look what happens.

However I guess the reason most other fans are smug is not that Shels might go out of business more a told you so attitude. Fans from all clubs, who know how there club runs have been saying for years that Shels cannot afford this. We were just told we were jealous etc. Well now reality has hit home, and hopefully you will now accept that you cannot afford the squad you have. Its easy to win things when you play by your own rules but most clubs Bohs/Pats/Rovers/Harps/UCD etc now live within their means and are trying to sort out the past mistakes. Shels on the other hand just keep signing players they plainly cannot afford which is unfair to the other teams. A message needed sending and it has, as I said I doubt Shels will be wound up but surely their fans have to start asking questions now.

**Poor Student** · 17/03/2006, 12:36 PM

Originally Posted by Gareth

your my first stalker in some time!!!

A predictable retort.

Just wanted to point out Mr. Cassidy's inaccuracies. He seemed a bit quick to insist there'd be no one online.

**Gareth** · 17/03/2006, 12:51 PM

I told Fintan I was offline. But I ended up cancelling a plan and came home a little earlier. But that is neither here nor there. Fintan was correct, as I told him I would not be around

**soccerc** · 17/03/2006, 12:53 PM

This is how I understand the situation having spoken to quite a number of people, some of whom would have a good insight into the workings of the eL.

It seems that last October/November the Revenue approached Shels with a tax bill including penalties and interest, (the amount is not of consequence in the overall scheme of things). Shels replied to them disputing the amount.

The eL/FAI got involved with a senior official attending meetings with Shels and the Revenue to sort out the repayment terms. As a result of those negotiations a schedule was agreed and Shels received their licence.

It then appears that the club failed to meet the repayment schedule and the Revenue made contact intimating their next course of action. The seriousness of the situation allegedly was ignored forcing the Revenue to seek the petition to wind up Accolade.

I understand that the eL Board of Management were not aware of the ongoing difficulties though senior officials may have been informed and this it seems may come back to haunt Shels. Some clubs are angry at what they perceive as inequitable application of both the eL rules and the Club Licensing regulations.

Shels are expected to meet their liabilities to the revenue in the coming days and the April High Court date will pass without the Petiton being presented.

In the interests of balance and fairness if anyone wishes to dispute or add to the above then I would be happy to oblige