Petition to wind up: Cork City Investment FC Ltd

**Dodge** · 13/07/2009, 2:57 PM

Originally Posted by Mr A

Methinks it'll take more than the Ipswich game to clear �400k. Hard to see CCFC getting out of this but they've always found away to avoid the axe so far.

I'd imagine cork are hoping to give as big a lump sum to revenue as possible, and hope they can reach agreement on the rest.

Time for Cork to slash costs though

Hopefully they pull through

**pineapple stu** · 13/07/2009, 3:00 PM

Originally Posted by Dodge

If an agreement isn't reached within the two weeks, a winding up order will be issued

Is it the judge said that?

**Longfordian** · 13/07/2009, 3:01 PM

The Revenue are sick to the back teeth of LOI clubs at this stage Id imagine and Cork in particular. It'll be very hard to get them to agree to any deal that doesn't involve a huge amount paid up front.

**Mr A** · 13/07/2009, 3:03 PM

The fact that they seem to have no intention of costs so far and haven't paid any tax whatsoever really seems to indicate that if it isn't in 2 weeks they go under it'll be still be soon.

**SkStu** · 13/07/2009, 3:06 PM

Originally Posted by Dodge

Cork in court this morning. They offered to pay Revenue with profits of upcoming ipswich friendly (didn't realise they had one), but Revenue didn't agree and are pressing ahead with the case to wind them up

Doesn't look good for Cork

Source is a lawyer friend who happened to be in the four courts today

aww, friend, aww lawyer friend....

**Dodge** · 13/07/2009, 3:07 PM

As posted by my source himself...

Originally Posted by 'charliesboots'

Just back from court there lads.

Luckily you had Ms. Justice Laffoy as she was very reluctant to make the winding up order. She said that if an agreement has not been reached with revenue within two weeks she will have no choice but to make the order.

If it had been any other company other than a football club I've no doubt the order would have been made.

I missed the start but was told that the amount owed is 400K and that CCFC Investment Limited's proposal was 65k up front and 20k at fixed dates after that.

Revenue opposed it on the basis that every cheque they've received from Cork in the last month has bounced and that as well as the arrears to the date were proceedings were initiated no PAYE and PRSI payments have been made since.

Judge Laffoy said that this was particularly worrying given that employee's tax payments weren't being made. Coughlan was there to give evidence in relation to the availability of the 65k and to give assurances that it wouldn't bounce but Judge Laffoy declined to hear him and instead gave the extra two weeks.

You lads in FORAS really need to look at purchasing the name and lease because it looks inevitable that the holding company will be liquidated. Revenue are playing hard ball and want the company wound up. I would be very surprised if there was an agreement within the two weeks.

If the club is wound up then Coughlan and any other directors could be in trouble and face proceedings themselves to restrict them as directors. There's a judgment from Mr. Justice Frank Clarke that says that the use of PAYS and PRSI payments for the general running of the company is sufficient in itself to justify restriction as a director.

**Schumi** · 13/07/2009, 3:17 PM

Originally Posted by Dodge

No tax has been paid by Cork since they came out of examinership

That's absolutely ridiculous. Why did the examiner sell the club to this Coughlan guy? He seems to have neither the means nor the intention of running the club properly.

**pineapple stu** · 13/07/2009, 3:21 PM

It's common enough for clubs to pay tax annually at the end of the season in fairness.

However, if Revenue were asking for the money and none was paid, it's criminal.

How much was that offer for Healy and Behan?

**charliesboots** · 13/07/2009, 3:22 PM

Originally Posted by Schumi

That's absolutely ridiculous. Why did the examiner sell the club to this Coughlan guy? He seems to have neither the means nor the intention of running the club properly.

Because John Delaney told him too.

I'm not sure its 100% correct to say they haven't paid any tax since the came out of examinership.

It seems that up until the point the petition to wind them up was brought they hadn't paid any tax. They then seem to have made some back payments but their cheques for present payments falling due (PAYE and PRSI) bounced so since the petition they haven't paid any tax.

It's extraordinary what's gone on and it appeared today that revenue have had enough of it.

**MariborKev** · 13/07/2009, 3:25 PM

Originally Posted by Steve Bruce

If only Cork City had a John Hume as their MP. Cork would be out of trouble in no time.

Naw, for that size of debt you'd need Harry Cavan and his ability to pull strokes.

**Partizan** · 13/07/2009, 3:26 PM

Enough of this farce. Its time for FORAS to step in take control of the CCFC from Country Tom. It maybe the only way to save their club but if it means slashing costs and taking the hit of playing First Division or the A Championship, then so be it. But at least they will still have a club.

How can CCFC fans stand by and watch this farce go on. At the way things stand at the moment, they have dodged the hangman for just another 2 weeks.

**pineapple stu** · 13/07/2009, 3:30 PM

FORAS don't have E400k; what can they do? The club isn't going to go into examinership again. Only chances they have of taking control are (a) Coughlan ponies up the full amount and then sods off or (b) FORAS take immediate control of a new entity.

**charliesboots** · 13/07/2009, 3:33 PM

Originally Posted by pineapple stu

FORAS don't have E400k; what can they do? The club isn't going to go into examinership again. Only chances they have of taking control are (a) Coughlan ponies up the full amount and then sods off or (b) FORAS take immediate control of a new entity.

Or the club is wound up and FORAS purchase the trading name and lease for Turner's Cross from the liquidator.

Because of the restrictions on the lease there won't be many potential buyers.

I'd imagine they could then apply for membership of the league play in the A League next season if needs be.

**pineapple stu** · 13/07/2009, 3:36 PM

That's kind of option (b) though (or at least, it's what I meant)

On the Cork forum, the point was made that they went broke in 1995, but kept their place in the league. You'd lose all existing assets, but if you set up a new company quick enough, it seems, you could buy them again (granted, you'd struggle to buy the players' contracts if you had to offer sensible money) and keep playing in the Premier, maybe with a points deduction. Don't know if that's possible though. Was it mid-season in 1995 when they last went broke, does anyone remember?

**Dodge** · 13/07/2009, 3:39 PM

The Licensing rules were set up specifically to stop clusb folding, and then re-starting in situ

**charliesboots** · 13/07/2009, 3:41 PM

Originally Posted by Dodge

The Licensing rules were set up specifically to stop clusb folding, and then re-starting in situ

As where the Companies (Amendment) Acts.

I'd be amazed if that happened but you just wouldn't know with Delaney

**Blue Lou** · 13/07/2009, 4:25 PM

It'd be a shame to see CCFC wind-up.

**ger121** · 13/07/2009, 5:25 PM

I know this was posted on here before but what happened to the 500k guarantee that Coghlan had to lodge into an account,to show he had the funds to run the club?

**John83** · 13/07/2009, 5:42 PM

Originally Posted by ger121

I know this was posted on here before but what happened to the 500k guarantee that Coghlan had to lodge into an account,to show he had the funds to run the club?

He just had to show he had the money. He has never been obliged to put it in.