QuoteThere are no complications. Cork City can have no dispute with the examiner as the examinership was subject to the ruling of the High Court. And that's all done and dusted.
FORAS: wake up! Step in and talk to the Revenue Commissioners.
Cork wouldn't want to be too pushy about it.Originally Posted by pete
54,321 sold - wws will never die - ***
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There are no complications. Cork City can have no dispute with the examiner as the examinership was subject to the ruling of the High Court. And that's all done and dusted.
FORAS: wake up! Step in and talk to the Revenue Commissioners.
Back page of todays Indo
http://www.independent.ie/sport/socc...l-1738327.html
Cork City plunged into turmoil
Thursday May 14 2009
CORK CITY Football Club has been plunged into turmoil after a court petition to wind up its holding company was filed by the Revenue Commissioners yesterday. Revenue Collector General Gerry Harrahill filed a petition for the insolvency of Cork City Investment FC Ltd, which will be heard in court on May 25. If the court rules in favour of the Revenue's petition, Cork City will enter the process of liquidation on the day of the hearing, so the club's trip to Bray Wanderers on Friday week could prove the final game of their existence. It is the second time in seven months that the Cork club will face the possibility of extinction in court after they made it through examinership last October, with current owner Tom Coughlan having stepped in to take over the company.
Statement
The club last night issued a statement with regard to the situation, stating that their "legal and financial advisers intend to meet with the Revenue as a matter of urgency in order to come to an agreement with regard to our current tax liabilities. "While the first team is currently enjoying an excellent run and is now joint top of the League of Ireland Premier Division, the current economic conditions have meant that the goals set by the club off the field are taking longer to achieve than was originally foreseen," the statement continued. "While income levels have proved to be less than were originally projected, the club is working hard to address this shortfall." Coincidentally, another petition was also filed yesterday to wind up Danninger Ltd, the company which was due to purchase Bohemians' Dalymount Park and build them a new stadium in Harristown on the outskirts of Dublin.
- Neil Ahern
Last edited by A face; 14/05/2009 at 8:27 AM.
There was a points deduction table for giong into examinership. I think about the only certain thing in this case is that Cork won't be going into examinership again.
I'll sign it too!!
Ah seriously though, I know I'll probably be accused of either being a bit over simplistic or stating the bleedin' obvious but without really knowing the ins and outs of it, Cork's problems over the last few years (in common with several other clubs I might add) seem to be mainly down to mismanagement on the business side of things.
It's hard to understand otherwise how a club that has always had one of the biggest and most passionate followings in the League and is the only show in town soccerwise in a city like Cork always seems to be in some sort of difficulty off the field. That being said, I hope City come through this latest crisis because I've always liked the brand of football they try to play and the League needs a strong Cork team to balance it out.
The fight is won or lost far away from witnesses - behind the lines, in the gym, and out there on the road, long before I dance under those lights.
Muhammad Ali
Roy Keane is still a pri*k!
Nooooo!!!!!
45 posts without someone saying that!
A payment was due this year, but, thanks to the court case, wasn't, and won't, be made.
With regard to the second question....... I wasn't one of them - I think a lot of people, helped by the board, assumed this was a done deal, long before it ever actually was.
A patriot is someone who knows how to hate his country properly.
My bad......but ye can't have it all in Dublin!!
The fight is won or lost far away from witnesses - behind the lines, in the gym, and out there on the road, long before I dance under those lights.
Muhammad Ali
Roy Keane is still a pri*k!
Coughlan is a spoofer.
The examiner is charged with, amongst other things, presenting an accurate statement of the company's finances to prospective investors.
Coughlan is alleging this wasn't the case as there were undiscovered liabilities. If he's right he can take action against the examiner and has a clear case.
But he hasn't. Why? Cause he's a spoofer. No good could come of a man who was so into his football he floated the idea of Billy Morgan taking over.
Time for FORAS to step in.
Furthermore surely Coughlan would have double checked everything before comitting to buy the club?
And asked a City legend and now tv pundit if he thought Roy Keane would be interested in the job. Not sure if this was before or after Billy Morgan turned him down
Possibily but if Cork City Investments is wound up it'll be too late. The club will cease to exist immediately.
"Its the bad players who are the luxury not the skillfull ones"
Danny Blanchflower
There might be a bit more sympathy for City if they'd come out of examinership and cut their cloth. Instead they sign a chequebook manager, Kudozovic etc
Who will replace Cork in the Setanta cup if they where to cease to exist?
The Hallion Battalion Molests football.:D
Excellent question.
Steve, I know you think you're helping by that isn't a priority just at the moment.
Other things to course my mind.
Run FORAS Run!
and there is a chance the hearing on the 25th of May will be deferred for a decision at a later date. But that won't be my decision.
" I'll go right up to here,
it can't possibly hurt.
All they will find is my
beer and my shirt."
How much does Cork owe?
The Hallion Battalion Molests football.:D
http://corkcityfc.ie/main.php?action...headlineID=929
The full text of the statement:
Club Statement
Cork City Football Club wish to confirm that the club is currently in negotiation with the Revenue regarding the club’s tax liabilities.
When the club emerged from Examinership, a settlement was reached with Revenue. Additional tax liabilities subsequently emerged which result from the club’s previous ownership, and the club is currently addressing this matter with Revenue in a bid to bring the issue to a swift and successful conclusion. The fact that these liabilities have arisen subsequent to the Examinership is an issue which the club intends to pursue with the Examiners. The club’s legal and financial advisers intend to meet with the Revenue as a matter of urgency in order to come to an agreement with regard to our current tax liabilities.
Having successfully emerged from the Examinership, Cork City Football Club has embarked on a rebuilding programme in order to create a sustainable club which is grounded in the community and is capable of achieving success on and off the pitch. While the first team is currently enjoying an excellent run and is now joint top of the League of Ireland Premier Division, the current economic conditions have meant that the goals set by the club off the field are taking longer to achieve than was originally foreseen.
While income levels have proved to be less than were originally projected, the club is working hard to address this shortfall. Cork City Football Club is this year celebrating its 25th anniversary, and the club is working hard at every level to build a sustainable, successful club of which Cork city and county can be proud. This Friday night, Cork City FC face Derry City at Turner’s Cross in a top of the table clash, where the passion and commitment of the Rebel Army will once again be on show. Cork City Football Club is confident that any short-term problems affecting the club will be overcome as a result of the determination and ability of the club and its supporters, and that a bright and successful future lies ahead for the club.
Adam,
I know Cork people think they are special and it may shock you, but the rest of the country have also learnt to read at this stage. Therefore underlining sections of the statement is completely unnecessary.
The analysis of the situation presented by several posters on this thread already still stands, irrespective of your underlining.....Sure email that into Revenue, I am sure they will dismiss the petition on the basis of your Ctrl+U work
And the exact same points have already been isolated from the statement.Adam,
I know Cork people think they are special and it may shock you, but the rest of the country have also learnt to read at this stage. Therefore underlining sections of the statement is completely unnecessary.
The analysis of the situation presented by several posters on this thread already still stands, irrespective of your underlining.....Sure email that into Revenue, I am sure they will dismiss the petition on the basis of your Ctrl+U work
DCFC
That's simply not true.
And do what? We dont have anywhere near the amount that is owed, we have no stake in the company, and if the company goes bust mid season CCFC is gone, there is no option of us taking over.
How much is owed?
DCFC
I dont have an exact figure but am pretty sure its a lot more than the 60-odd thousand we have at the moment.
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