Petition to wind up: Cork City Investment FC Ltd

**Dunny** · 25/05/2009, 12:25 PM

From the Cork forum..

CCFC are safe until June 15th, at least. they hadnt paid the revenue 30 odd grand from the examinership and owe just under 300k. Thats only since the start of the year. Were going to pay off 90k in the next few weeks. Tom was there along with the hottest barrister in the high courts!

This information is courtesy of ballslikecoconuts. More detailed info will follow after lunch via the balls himself.

**SeanDrog** · 25/05/2009, 12:26 PM

ah need to register for it and after all Drogs got banned a ew years back I couldn't be arsed.

Here will do nicely. Micls any word from your source on what the vibe in the meeting is like?

**micls** · 25/05/2009, 12:27 PM

Originally Posted by SeanDrog

ah need to register for it and after all Drogs got banned a ew years back I couldn't be arsed.

Here will do nicely. Micls any word from your source on what the vibe in the meeting is like?

All ive heard so far is that its been adjourned for 3 weeks.

positive in that there must be some merit to the plan, or they'd just have wound us up

**SeanDrog** · 25/05/2009, 12:28 PM

Originally Posted by Dunny

From the Cork forum..

ahh white smoke. Looks good news - I suppose it is as its not a wind up order but I cant help feel that Coughlan is not going to get this resolved long term and its more a stay of execution. The figures owed are heafty.

**Mr A** · 25/05/2009, 12:31 PM

Jebus... nearly 300k owed already and the club only just out of examinership, what the hell is Coughlan playing at?

There is likely to be something like the same tax again to be paid before the end of the year as well as the arrears. Time for serious cutbacks on Leeside methinks.

**pineapple stu** · 25/05/2009, 12:31 PM

Originally Posted by Dunny

From the Cork forum..

From the Cork forum..

Quote:
CCFC are safe until June 15th, at least. they hadnt paid the revenue 30 odd grand from the examinership and owe just under 300k. Thats only since the start of the year. Were going to pay off 90k in the next few weeks. Tom was there along with the hottest barrister in the high courts!

This information is courtesy of ballslikecoconuts. More detailed info will follow after lunch via the balls himself.

They're big numbers. Can't help feel we'll be here again.

**SeanDrog** · 25/05/2009, 12:32 PM

Originally Posted by Mr A

Jesus... nearly 300k owed already and the club only just out of examinership, what the hell is Coughlan playing at?

There is likely to be something like the same tax again to be paid before the end of the year as well as the arrears. Time for serious cutbacks on Leeside methinks.

my thoughts exactly.

**Mr A** · 25/05/2009, 12:42 PM

Oh, and then there's the likely settlement with Matthews.

Coughlan is a total idiot.

**Ezeikial** · 25/05/2009, 12:51 PM

It must be abundently clear that this Coughlan era is likely to end in tears.

My hope is that Cork can complete the season and find a way to re-group in some coherent and sustainable way. But it begs the question about fairness / cheating if they win the league with a wage bill that is clearly not viable for them.

**SeanDrog** · 25/05/2009, 12:52 PM

Given the issues with cash flow in the economy, I cant see them being able to divert the amt of cash needed to service the tax man while still paying the wages on time. the figures are just too large.

For the ordinary Cork supporter this is a kick in the teeth (not todays judgement but the details of the amt etc). Coughlan clearly is not the man to lead the club - how the supporters can change things I simply do not know. Surely the FAI need to step in like the IMF and demand change / impsoe change , slash budgets, release players etc.

**Dunny** · 25/05/2009, 12:54 PM

Try get this debt out of the way(fundraising ala Drogheda etc.) and get the club in the hands of the supporters or FORAS.

**tiktok** · 25/05/2009, 12:55 PM

It's a stay of execution, nothing more.
A short time to pay €90k before we're back before the judge.

That's a crazy amount of debt and suprising to me. In fairness to Coughlan, not all of the debt was run up under his tenure, but it's clear we're not operating in anywhere near a sustainable fashion.

I wonder will we see questions over the wages which are due this week?

Still standing, but the referree is counting to eight in front of our eyes.

**Mr A** · 25/05/2009, 12:58 PM

And if he hasn't paid the taxman a bean, chances are there are plenty of other creditors out there too.

CCFC is fecked unless Coughlan cops on and brings in massive cutbacks or a white knight appears from nowhere.

**Buile Shuibhne** · 25/05/2009, 1:01 PM

Originally Posted by tiktok

That's a crazy amount of debt and suprising to me. In fairness to Coughlan, not all of the debt was run up under his tenure, but it's clear we're not operating in anywhere near a sustainable fashion.

Has this not shown-up/been flagged in the monthly checks/audits that Padraigh Smith & Co in the FAI Licencing Dept are carrying out?

**seand** · 25/05/2009, 1:09 PM

Originally Posted by tiktok

It's a stay of execution, nothing more.
A short time to pay �90k before we're back before the judge.

That's a crazy amount of debt and suprising to me. In fairness to Coughlan, not all of the debt was run up under his tenure, but it's clear we're not operating in anywhere near a sustainable fashion.

I wonder will we see questions over the wages which are due this week?

Still standing, but the referree is counting to eight in front of our eyes.

Not stirring here, but if it wasn't run up under Coughlan's tenure when was it run up?

Scary numbers though, can they pay that much and wages?

**charliesboots** · 25/05/2009, 1:14 PM

Does anybody know if Cork have paid any VAT or PRSI to the tax man since they came out of examinership?

**LeixlipRed** · 25/05/2009, 1:15 PM

How could the club come out of examinership owing 30k to the revenue?

**tiktok** · 25/05/2009, 1:20 PM

Originally Posted by Dunny

Try get this debt out of the way(fundraising ala Drogheda etc.) and get the club in the hands of the supporters or FORAS.

It's easy to say, but even though he was part of the problem, the Drogheda people had a figure head they could rally around in Vincent Hoey. Tom Coughlan isn't that type of person, he's just not trusted by a large % of CCFC supporters.

People will [rightly in my opinion] question why they should fundraise to support a man who seems intent on running up huge costs. No-one wants to see their money wasted and as long as it is, people will view FORAS as a warchest for when we need to pick up the pieces.