There is no sanction in the rules or the licence against a club being liquidated or going into examinership.
Ringo makes a good point about it not being fair that we racked up loads of debt to pay higher wages than Dublin City. However it is not covered by Eircom League or FAI rules. Life is unfair.
Where it will come back to bite is if the Judge decides to pursue the Directors of Rovers if he believes they knowingly traded recklessly, if they paid directors loans preferentially etc...
However the judge was presented with a choice to do nothing, effectivley allowing a liquidation where creditors would get nothing or to order the Examiner in and try to resolve this. The Club would actually have continued to exist in this scenario and the licence is such a joke that there is no sanction specified even in this case.
Obviously it will cost about €300k to run Rovers during the examinership The 400 Club will pay for the shortfall in revenues during this period.
At the end of this The 400 Club will need to have raised enough to pay the legal fees, have enough in the kitty to take the club forward and enough to pay the creditors off, the precedent being a minimum of 3.5%. The shares would revert to the 400 Club unless another investor comes in for a share , or if he wants it all he would have to refund the 400 club all monies spent.
Of course, and deadly serious here, if the clubs voted us out of the league as punishment or even tried to relegate us, we could just join the Irish League where licence criteria do not apply. This would be ridiculous since it would be a Football Club Saved by its fans that will have satisfied its creditors including the revenue.
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