Petition to wind up: Cork City Investment FC Ltd

**A face** · 11/06/2009, 3:44 PM

Originally Posted by Mr A

The June 10th deadline passed without Cork lodging anything with the court. They're probably fine as long as the do it in the next few days though.

Well as long as we've paid whats due. If that hasn't happened then we are snookered

**Dodge** · 11/06/2009, 4:03 PM

Originally Posted by stann

We did it a few times, and it was always a very good money spinner. This year we had a back-of-the-shirt sponsor's draw too, which obviously wasn't as lucrative, but still raised a handy few quid.

It had f*** all to do with not being able to get a main sponsor Dodge. The amounts generated that harps1954 mentioned are spot on, and one year (the one O'Shea's Hotel won it I think) they made over �70,000 on it. A single main shirt sponsor would not have generated anywhere near that amount for a club like us.

Just spotted this now stann. I didn't meant to imply that it was a last resort of all clubs. However it is for Derry as they've tried to get another main sponsor without success (understandable giving the timing, the economy etc etc)

As I've said I think it can be a very good deal for some clubs, and I hope all clubs* that go down that route get tons of cash.

*certain conditions will apply

**Buile Shuibhne** · 12/06/2009, 6:58 PM

Any danger of the FAI following suit?

CLUBS APPROVE NEW TAX REGULATIONS
Posted on: 12.06.2009
CLUBS APPROVE NEW TAX REGULATIONS

At their Annual General Meeting, Football League clubs have voted to introduce new financial regulations relating to tax payments.

Once necessary practical arrangements have been made, any club that falls behind with its employee related payments to HMRC will be subject to a transfer embargo until such time as the debt is cleared.

Football League Chairman Lord Mawhinney explained, "It is only right that we do not permit clubs that are unable to meet the costs associated with their existing playing staff to make further new player commitments."

Clubs have also agreed to give The League written permission to monitor, as appropriate, their tax affairs directly with HMRC, who have welcomed this new arrangement.

Lord Mawhinney said: "This new regime will provide us with an early warning system where clubs are facing financial problems. It should also help prevent HMRC debt reaching levels that otherwise could hinder the potential rescue of the club through a CVA.

"More importantly, football generally needs to develop a culture of paying its debts rather than putting them off for another day. This will help our clubs to become more financially sustainable in the longer term."

http://www.football-league.co.uk/pag...691419,00.html

**brianw82** · 12/06/2009, 8:59 PM

Dunno. I made a thread on that a few weeks ago, it seemed to meet with general support here.

**eelmonster** · 15/06/2009, 10:30 AM

What time are Cork due in court?

**A face** · 15/06/2009, 11:34 AM

Originally Posted by eelmonster

What time are Cork due in court?

I dont want to know

**pineapple stu** · 15/06/2009, 12:55 PM

From the Cork forum -

Lads just back there. Afraid it won't be on until well after lunch. Nothing to report really other than we were trying to get an adjournment on consent (one that both sides agree to) but the revenue wouldn't have it so it is definitely going ahead today. Plenty of journos there so it'll be reported alright. Tom coughlan was there plus some other guy i didn't know who seemed to be part of the entourage. yer one from the FAI plus olan Kelleher our solicitor too. Won't be able to get to it after lunch so apologies, it was supposed to be on early but it got pushed back to second call. Probably about 3 before it is heard.

**Longfordian** · 15/06/2009, 1:17 PM

Sounds like they don't have all the money yet. They may or may not get another chance to pay it but it won't be a long time.

**holidaysong** · 15/06/2009, 1:22 PM

I thought they were in the clear on this one but could they be wound up today?

**Longfordian** · 15/06/2009, 1:27 PM

They could be yeah. They may well get one last chance however. Rumour on the Cork forum is that Coughlan wants to do some kind of deal whereby he'll pay some now and some "when they win the league".

**RonnieB** · 15/06/2009, 1:39 PM

Originally Posted by Longfordian

They could be yeah. They may well get one last chance however. Rumour on the Cork forum is that Coughlan wants to do some kind of deal whereby he'll pay some now and some "when they win the league".

A sound financial argument.

**Longfordian** · 15/06/2009, 1:42 PM

A proven winner. Bound to be to the Revenue's liking considering they were stiffed for their share of the Setanta Cup winnings.

**pineapple stu** · 15/06/2009, 2:07 PM

Postponed for four weeks per the Cork forum. Ho hum.

**sligoman** · 15/06/2009, 2:10 PM

Shock horror as Cork stay in business for another while...

**holidaysong** · 15/06/2009, 2:14 PM

Despite Cork City and Setanta Sports attempting to outdo each other, the Cork vs. Dundalk match might actually go ahead live on Setanta on Friday..

**razor** · 15/06/2009, 2:22 PM

Originally Posted by pineapple stu

Postponed for four weeks per the Cork forum. Ho hum.

We'll get the season out of this yet

EDIT : Hearing Tommy No Bobs paid Johnny Taxman 102K
Johnny Taxman wanted us wound up today.
We have to pay the balance at the next sitting.

**Mr A** · 15/06/2009, 3:33 PM

http://corkcityfc.ie/main.php?action...headlineID=988

Cork City Football Club wishes to confirm that in the High Court today, the case under the Companies Act was adjourned for four weeks.

Cork City FC has made payments to the Revenue totalling €102,000 and is continuing to work to clarify the exact amount outstanding. The club’s auditors are working to arrange a meeting with the Revenue in order to resolve the issue fully, and it is hoped that this meeting will take place before the end of the week.

The club is pleased that it has been able to make progress towards a resolution of this issue, which will allow the club to focus fully on its upcoming matches. With the club sitting just two points off the top of the League of Ireland Premier Division table, the Rebel Army face Sligo Rovers in an FAI Ford Cup replay tomorrow night and then Dundalk in the Premier Division at Turner’s Cross on Friday night.

**Mr A** · 15/06/2009, 3:35 PM

The thing that jumps out at me is that while €102k may have been paid, with a wage bill the size of Cork's that's only the tax for 3-4 months, so they're still well behind before even considering the monies owed post examinership.

**dong** · 15/06/2009, 3:39 PM

Originally Posted by Mr A

http://corkcityfc.ie/main.php?action...headlineID=988

Cork City Football Club wishes to confirm that in the High Court today, the case under the Companies Act was adjourned for four weeks.

Cork City FC has made payments to the Revenue totalling �102,000 and is continuing to work to clarify the exact amount outstanding. The club�s auditors are working to arrange a meeting with the Revenue in order to resolve the issue fully, and it is hoped that this meeting will take place before the end of the week.

The club is pleased that it has been able to make progress towards a resolution of this issue, which will allow the club to focus fully on its upcoming matches. With the club sitting just two points off the top of the League of Ireland Premier Division table, the Rebel Army face Sligo Rovers in an FAI Ford Cup replay tomorrow night and then Dundalk in the Premier Division at Turner�s Cross on Friday night.

How could they possibly not know by now the amount outstanding?

**Mr A** · 15/06/2009, 3:42 PM

They claim the revenue are looking for money that comes from the time before examinership.

Obviously, the revenue don't agree, and it seems to be getting to the stage where they're totally fecked off with CCFC.