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This is bad, bad news.
As someone with first hand experience of my employers going into examinership some years back this doesn't bode well.
If an examiner is appointed and he/she is not particularly receptive to the uniqueness of it being a football club (as opposed to an ailing business) expect the assets (i.e. the squad) to be fairly ruthlessly liquidized.
You might be better off getting anything at all over the odds for Mooney now before the examiner flogs him off for buttons.
Yes, read the constitution. CH3876, para 21.Quote:
Originally Posted by Mouthpiece
"If a club goes into examinership under the new merged league, Roddy Collins will be appointed new manager of that club"
What assets?Quote:
Originally Posted by stann
Ah its alright, sure Cork have nothing worth taking apart from Mooney and Pat Dolan's old office chair which has a lot of woodQuote:
Originally Posted by stann
The squad. Their only tangible ones.Quote:
Originally Posted by soccerc
AFAIK, they are not classified as assetsQuote:
Originally Posted by stann
Dead wood unfortunately.Quote:
Originally Posted by finnpark
Of course they are assets, they are the only thing Cork have to generate the funds to cover their debts within the 100 day examinership period, should it come down to that.Quote:
Originally Posted by soccerc
If they're not classified as assets then it's even worse for the club, as the examiner may then have no choice but to decide that the club is non-viable and move for insolvency.
Are you sure? I know Bray for one had an amount in their accounts for their players' contracts before.Quote:
Originally Posted by soccerc
And anyway, it doesn't matter what they're classified as - if they can get money for them, they're going to sell them. But they'd want to move fairly quickly with the transfer window in England closing in what - two weeks?
Not necessarily. Rovers would have been in that situation and their fans managed to convince the examiner that they could keep the club going after the examinership.Quote:
Originally Posted by stann
Cork's fans aren't anywhere near as organised as Rovers' were though.
They had bigger debts too. Cork's fans aren't as organised as the 400 club though.Quote:
Originally Posted by Schumi
That's slightly creepy.
That's true, but Rovers may have been lucky in that they had an examiner that was receptive to the idea (I'm assuming, I don't know for sure). There's no guarantee Cork will get one likewise.Quote:
Originally Posted by Schumi
It'll probably cause this board to explode or something, but I don't think you're giving Rovers fans any credit for what they did. They got the company in examinership with the full idea that they'd make a takeover offer to run the club. Not the case with Cork, so they're on the back foot from the start.
Definitely, it'll take an enormous amount of effort for Cork's fans to replicate what Rovers' managed. I think they have some sort of structure in place similar to Rovers' 400 club (though in a much earlier stage), it has some odd acronym I think. I hope they manage to save the club.Quote:
Originally Posted by pineapple stu
or the other alternative is to wind the company up!! which nobody wants to see.Quote:
Originally Posted by stann
Speaking professionally I've been involved in examination of companies and unfortuneately I have been involved in winding companies up too.
The examiners role is to ensure the survival of the company and to cut cost as much as possible and not to the clubs supporters.
Corks problems seem to me be cash flow. Cash is often overlooked in accounts but it is the primary resource of operating a business. One cant operate without it.
This is the best option for Cork at the moment because Cork are being given breathing space while the board are in some sort of control. Creditors cant petition the court for liquidation while there is a great chance for the club to survive if the court agrees.
IMO I think the creditors will be offered a stake in CCFC for their debts. They may accept or refuse but it would clear Corks Debts.
(1) The examiner accepted our offer because (a) we convinced him and the High Court judge that it was viable in terms of us being able to operate the club on a sound financial footing..and over almost 3 years we've proved that.Quote:
Originally Posted by stann
(2) The examiner was able to persuade/reach agreement with our creditors who accepted (in some cases voluntarily received nothing) a tiny fraction of what they were owed.
(3) We were fortunate in that the High Court judge actually said at the start of the process "...much as it pains me as a lifelong fan of Bohemians football club, it would be wrong to allow such a venerable national institution as Shamrock Rovers to go to the wall witout first examining all possibilities.." with all due respect to Cork not sure that a judge would have the same goodwill towards them.
As an aside it will be very interesting to see what gets disclosed by the examiner in terms of what company is liable for the debts amd much more importantly what company will benefit if the Doyle and Mooney transfers happen.... if I was a Cork City fan I'd be very worried that potential transfer fees might not go to the club and/or creditors...indeed you should be asking why if there is the possibilty of such a windfull did the board decide to put the club into examinership ?
Bah! Cork clubs are like vampires. It'll rise from the dead before long. I'd sooner see one less club ahead of us in the league. Sorry Cork fans, but you'd sacrifice UCD for less. :)Quote:
Originally Posted by Schumi
I hope they save the club and drop behind us in the league.Quote:
Originally Posted by John83
FORAS is the crowd you're thinking of. But how advanced/organised they are I don't know.