Petition to wind up Accolade (Shels) [Archive] - Page 3

REVIP

16/03/2006, 6:00 PM

Has one got the Times and a scanner/camera at hand so they upload the piece to the web? :confused:

It's on the Indo's website:

THE HIGH COURT 2006 No. 87 COS IN THE MATTER OF ACCOLADE LTD AND IN THE MATTER OF THE COMPANIES ACTS, 1963-2003. NOTICE is hereby given that a Petition for the winding-up of the above-named company by the High Court was on the 13th day of March, 2006, presented to the High Court by Gerard Harrahill, Collector General, of Sarsfield House, Francis Street, Limerick, a creditor of the above-named company, and that the said Petition is directed to be heard before the High Court on the 3rd day of April, 2006, and that any creditor or contributory of the said company who wishes to support or oppose the making of an Order on the said Petition may appear at the time of hearing by himself or his Counsel for that purpose, and a copy of the Petition will be furnished to any creditor or contributory of the said company who requires it by the undersigned on payment of the regulated charge for the same. FRANCES COOKE, REVENUE SOLICITOR, DUBLIN CASTLE, DUBLIN 2, Solicitor for the Petitioner Note: 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.
Posted: 16/03/2006

http://www.loadza.com/display_results.php?cat_id=809

Raheny Red

16/03/2006, 6:33 PM

Cheers for that!

pineapple stu

16/03/2006, 6:40 PM

Course, the other thing is that if Shels do get out of this, they are going to have to cut E1m from their costs if the same thing isn't to happen again next season.

Mr A

16/03/2006, 7:11 PM

Course, the other thing is that if Shels do get out of this, they are going to have to cut E1m from their costs if the same thing isn't to happen again next season.

Which could be tricky when your squad all have contracts and few of the other clubs are likely to be able to afford them. And that reputed near €1 loss happened in a year with decent European money didn't it? There are many clubs living way beyond their means, and ultimately all this has achieved is to penalise those who don't act recklessly while driving player wages up- in the vast majority cases these players would be available to the league in any case. Time for a wage cap based on turnover anyone? It seems like the only way to get the clubs to get their houses in order.

anto eile

16/03/2006, 8:00 PM

Yeah, conspiracy theory is not quite the right words I was looking for.

I wonder will this clear the way for Shels to do a Rovers and welch out of all but 4% of their debts - considering Shels are soon to have no ground anymore.

In a season with no relegation - it's is the time to do it.

no, because Rovers were in examinership. what we did was legal. doubt anything shles have ever done was legal.
hope they get screwed by the revenue, and then ****ed out of the leaguee.

pineapple stu

16/03/2006, 8:19 PM

Yep, Rovers went into administration - Shels are facing liquidation. Big difference. It's pay the money or die time really. I think the big difference with Rovers is that with the 400 Club taking over, Revenue were pursuaded the club was now a viable business (new ownership, management accounts, cash flow projections, cutting their cloth to suit and all that), whereas they must feel Shels are simply beyond hope of being viable. And with them having to cut back one-third of their expenses and sort out a ground, the Revenue would be well within their rights to take a very dim view of their future business prospects.

Was any club in England or the North ever formally issued with a liquidation petition?

anto eile

16/03/2006, 8:33 PM

Was any club in England or the North ever formally issued with a liquidation petition?

omagh went bust this year didnt they?

pineapple stu

16/03/2006, 8:40 PM

A face

16/03/2006, 9:03 PM

The cheque was in the post - unfortunately it was posted from Inchicore post office :eek:

Was that a registered letter by any chance ?? :eek:

Mr A

16/03/2006, 9:11 PM

It would seem Aertel know something we don't maybe they're aware of what the FAI will do?-

Shels, Galway win in First Division 222

DmanDmythDledge

16/03/2006, 9:44 PM

Any news about this Shelbourne statement?

pete

16/03/2006, 10:06 PM

Even if Shels have paid their back taxes the question still remains - how did they get a club licence with what must have been huge losses on the books?

sfc red

16/03/2006, 10:09 PM

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

Poor Student

16/03/2006, 10:14 PM

Is it the case that every club issued with such a petition went bust though? Coleraine were served one as well but are struggling on. Clubs in England were threatened with one on many occasions but went into administration and survived. Just trying to work out Shels' chances of success, basically.

Did the original Airdeonians get liquidated in 2002? They certainly died outright.

Dundee FC, Livingston and Motherwell all entered administration I think. Motherwell stayed in administration for ages. Both Dundee and Motherwell had to make immediate player redundancies of whom they've never paid back and never will. It's odd how Shels would have skipped right through to liquidation.

green-blood

16/03/2006, 10:17 PM

Shels APPARENT problems

------------------

nope, there is an ACTUAL winding up order and an ACTUAL court date on April 3rd.... there is not yet an ACTUAL statement, but it seems a lack of statements (of the bank type) could be part of the problem

pineapple stu

16/03/2006, 10:17 PM

Well done lads, 6 pages of you lot getting way too horny about Shels APPARENT problems. Bravo :rolleyes:
Talk about burying your head!!! Shels FC have just been petitioned for liquidation, and you deny that there's any evidence of a problem?!:rolleyes:

Poor Student

16/03/2006, 10:22 PM

I tought that you were going to be offline this evening and so unable to post up the Shels statement?

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

sfc red

16/03/2006, 10:29 PM

Get a life lads. They're busy people - stop fcukin stalking them

Poor Student

16/03/2006, 10:30 PM

Get a life lads. They're busy people - stop fcukin stalking them

You know that head in the sand thing? You're doing it again.

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 :confused:

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. :D

Block G Raptor

17/03/2006, 1:42 AM

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

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

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.asp?ID=32&Level1=9&Level2=1&Level3=0&Level4=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

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

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_independent/stories.php3?ca=9&si=1582713&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

Gareth

17/03/2006, 11:40 AM

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

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

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

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

Dodge

17/03/2006, 12:54 PM

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?
None. But thats the point. Sensible people have been saying for years that Shels simply cannot afford to be paying the wages they are. Rather tha do things properly, they spoke about how the rest were begrudging them and hlding them back.

Personally I hope they die and never come back

BTW (threads merged)

CollegeTillIDie

17/03/2006, 12:57 PM

Dodge

Should we all just give up and go amateur then? I mean what is the answer

bohs til i die

17/03/2006, 1:09 PM

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.

that sounds well dodgy. Surely the FAI/EL shouldnt be getting involved in a club's business dealings?

Dodge

17/03/2006, 1:15 PM

Dodge

Should we all just give up and go amateur then? I mean what is the answer
No. Do it properly. Slowly bu surely increase your revenue, and you do, then increase the wages. If Shels are taking in 3 mill and have expenditure of 3 mill, then fair play to them but last year they lost 1 million euro on a turnover of 2 million. Thats suicide. And it sickens me when shels are shown as the leading lihts in the league and everyone else is "amateurish" when all most clubs are doing is trying to live within their means and not be wound up.

sfc red

17/03/2006, 1:18 PM

Dodge your attitude is pathetic. We can hardly afford to lose on of the biggest clubs in Irish football whether it be Shels/Cork/Pats/Rovers/Bohs

bohs til i die

17/03/2006, 1:19 PM

Dodge

Should we all just give up and go amateur then? I mean what is the answer

the answer is to enforce the financial aspects of the UEFA Licence system to its fullest. Football clubs in this country are mainly run by fans of clubs in the spare time of those willing to do the work. There are exceptions to this but thats the general way it works. The reason clubs get into financial problems is that these people make decisions based on following dreams, not on a business model or plan.

Wage caps wont work because they cant be monitored properly, and cash payments will become the norm to players.

Top players at their peak like Crowe when he was scring 100+ league goals for Bohs can be the highest paid player in the league and rightly so but when average jokers come along looking for �1000 a week AFTER TAX then clubs inevitably are inviting trouble.

chippie0001

17/03/2006, 1:29 PM

No. Do it properly. Slowly bu surely increase your revenue, and you do, then increase the wages. If Shels are taking in 3 mill and have expenditure of 3 mill, then fair play to them but last year they lost 1 million euro on a turnover of 2 million. Thats suicide. And it sickens me when shels are shown as the leading lihts in the league and everyone else is "amateurish" when all most clubs are doing is trying to live within their means and not be wound up.

Have to agree with Dodge here, it annoys me when people talk about Shels being so great when all they are doing is breaking the law. Not even football laws but the law of the land in not paying their tax. Now their chairman is quoted in the papers saying all clubs run their business like that. We don't and some have taken the hard decisions, Shels now want sympathy for the mess they put themselves in.

Cosmo

17/03/2006, 1:40 PM

If I'm not mistaken it was shels and that pr!ck Jim Roddy that were putting pressure on us to get kicked out of the EL if we didnt sort out our finances a couple of years ago!!

That only cost us 100k to sort out btw!

As a result, I should probably want drogs to put the same pressure on Shels as was put on us, which nearly killed off our club (thankfully it all worked out for us though). However, Id hate to see us go down that route!! I hate seeing clubs trying to kick each other while they're down!

Good luck to shels in sorting themselves out!

However, I wonder if Jim Roddy will be putting the same pressure on shels, as he put on us - or was it just that drogs weren't expected to fight back and just go under easily?

CollegeTillIDie

17/03/2006, 1:40 PM

Well let me see Full time professionalism has almost bankrupted... Bohs, St. Pat's, Shels and Shamrock Rovers in the past four years.... who will be next?

sullanefc

17/03/2006, 1:46 PM

Dodge your attitude is pathetic. We can hardly afford to lose on of the biggest clubs in Irish football whether it be Shels/Cork/Pats/Rovers/Bohs

What we can afford to lose are clubs that are rotten to the core and have been flouting the laws of the game and the laws of the land for some time now. Shelbourne (the darling club of the media) have had an unfair advantage over other clubs in recent times by aquiring a big squad without being able to afford it.

What should happen is a big points deduction leading to Shelbourne's relegation and ultimately it's demise, but we all know the FAI will bail them out and things will continue as normal.