Cork wouldn't want to be too pushy about it.Quote:
Originally Posted by pete
Printable View
Cork wouldn't want to be too pushy about it.Quote:
Originally Posted by pete
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
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.Quote:
Originally Posted by joey4ireland
I'll sign it too!!:p
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.
Nooooo!!!!!Quote:
Originally Posted by Mayo Red
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.Quote:
Originally Posted by pól-dcfc
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.
My bad......but ye can't have it all in Dublin!!;)Quote:
Originally Posted by pineapple stu
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?Quote:
Originally Posted by OneRedArmy
And asked a City legend and now tv pundit if he thought Roy Keane would be interested in the job :D. Not sure if this was before or after Billy Morgan turned him down;)Quote:
Originally Posted by OneRedArmy
Possibily but if Cork City Investments is wound up it'll be too late. The club will cease to exist immediately.Quote:
Originally Posted by OneRedArmy
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?
Excellent question.Quote:
Originally Posted by Steve Bruce
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.
How much does Cork owe?
http://corkcityfc.ie/main.php?action...headlineID=929
The full text of the statement:
Quote:
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:rolleyes:
And the exact same points have already been isolated from the statement.Quote:
Originally Posted by Maribor
That's simply not true.Quote:
Originally Posted by Billy Lord
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.Quote:
Originally Posted by Billy Lord
How much is owed?Quote:
Originally Posted by micls
I dont have an exact figure but am pretty sure its a lot more than the 60-odd thousand we have at the moment.Quote:
Originally Posted by pól-dcfc
No, I don't think the point has been addressed actually. All previous posters have said that the examiner must therefore have hidden information from Coughlan... but Coughlan didn't claim to have been presented with an inaccurate picture of the finances. The statement explicitly says that projected income has fallen short and hence the issues regarding payments.Quote:
Originally Posted by Maribor
btw, Derry isn't in Ireland.;)
Yes it is.Quote:
Originally Posted by adamd164
Any chance you can debate like a grown up? Or at least not like a ten year old?
In fairness adam, that reads to me that Cork/Coughlan are blaming the Examiner for not spotting these "additional tex liabilities".Quote:
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.
I honestly can't see how these "liabilities" could have come to light following examinership, considering how involved Revenue were in the examinership
Someone, somewhere is lying, and I'd bet every penny I had that it isn't Revenue
Now, now Dodge, no need to take the **** out of the Cork accent...Quote:
Originally Posted by Dodge
My post was in reference to the term 'country'. "Ireland", as a country, occupies 5/6ths of the island of Ireland. The "Republic of Ireland" then is just the description of this state.Quote:
Originally Posted by pineapple stu
But you're right, I digress...
And you're a ballbag. I've no idea why people on here constantly go on about this. As I've said on anoter thread, it's not that funny when you consider the thousands of people who have died over the matter.Quote:
Originally Posted by adamd164
Your point was no more than retarded trolling. Trying to back yourself up is doubly so. Get over it.Quote:
Originally Posted by adamd164
Where did I say that it was ;). I'm on record as to my view in the superior education system north of the border. Perhaps I overestimated the reading ability of Cork people.Quote:
Originally Posted by adamd164
I'm with Dodge on this one. If the statement had merely stated that projected income had fallen short and that was the reason, I'd agree with you. However the paragraph quoted by Dodge is the key one. If there was no issue with the Examiner's work, why mention it.
That's the odd thing about the statement.
If it's all the examiners fault, why mention that income has not been as expected? If the problem is that the money isn't there, why bring in the examiner (and why throw away the gate from a league game)?
Good to see Fran Gavin prattling on about Cork's great league position and how they could actually go top on their own tomorrow. What planet is he on?
What the hell is Gavin on about? His comments there just give further ammunition to those that feel the authorities have wildly variable attitudes depending on whether you're one of the top clubs or not.
Despite the fact that everything was already in the crapper when he took over....
Have to say I don't understand Cork's point about new unexpected liabilities coming up from the pre-examinership era. Are they really claiming that Revenue are ignoring their mutual examinership settlement and are now chasing "additional tax liabilities [which have] subsequently emerged which result from the club’s previous ownership"??
I was under the impression that creditors (Revenue included) had to come to an agreement during examinership and could not subsequently claim debts from pre-examinership. So it seems to break down to a question of whether Revenue are ignoring the legalities of the examinership process or Cork City are lying about their finances again.
if i was a betting man I'd bet
(1) Coghlan has today reveived by registerd post a letter from the Examiners solicitors demanding that he retracts the referecnces made concerning matters arising subsequent to the examinership...or the examiner will seek legal redress
(2) The Revenue are seking to wind Cork up because they haven't since the completion of the examinership received any paye or vat payments from Cork City.....
No, no it's all in hand. Tom Coughlan told Fran Gavin this. A verbal guarantee no less.
The Cáwkies will blame everyone except themselves.
They came out of Examinership after giving an explicit gurantee of paying any outstanding monies owed. Instead of cutting their cloth they went out, got a cheque book manager and signed new players.
Really if they go tits up, they have no one to blame only themselves.
Hard to argue with when you reflect on the signings :Quote:
Originally Posted by Partizan
Cork City
Manager: Paul Doolin
Ins
Davin O'Neill (Cobh Ramblers)
Dan Connor (Drogheda Utd)
Fahrudin Kuduzovic (Drogheda Utd)
Billy Dennehy (Derry City)
Stephen O’Donnell (Bohemians)
Shane Duggan (UCD)
Robert Mezeckis (FK Riga)
Guntars Silagailis (FK Riga)
Greg O'Halloran (Cobh Ramblers)
A bit selective.Quote:
Originally Posted by Ezeikial
Doesn't include George O'Callaghan, Brian O'Callaghan, Dave Mooney & John O'Flynn who all left in the middle of last season.Quote:
Outs
Darren Murphy (Stevenage Borough)
Gareth Cambridge (St Mary's)
Liam Kearney (Derry City)
Mick Devine (Waterford Utd)
Lawrie Dudfield (Chelmsford City)
Colin O'Brien (Retired)
Darragh Ryan (St Pat's Ath)
Sean Kelly (Galway Utd) *Loan*
Colm Carroll (Limerick FC)
It's clear from Fran Gavin's comments that the FAI are willing to commit Fudge XI: The Final Fudge to the big screen. Gavin's position is totally untenable. He has to go.