Revenue After Shels Again

[wws]

Hopefully Niall Quinn can bring his winning team back over from Sunderland - afterall Shels are the only team they can beat

[Student Mullet]

Shels' lawyer made 3 basic points.
1. Shels have plenty of assets so the revenue need not worry. The club is currently restructuring and will have the money soon.
2. The other creditors oppose the order.
3. There was a technacality in relation to the winding up order being delivered. He said that an order received when the courts are on holliday can be treated as though it was received on the first day back from hollidays, i.e. in October.

The revenue lawyer was having none of it and strongly opposed these points but the Judge agreed with Shelbourne on the third point and postponed untill 2nd October and said Shels will have to have found the money by then.

[John83]

Shels' lawyer made 3 basic points.
1. Shels have plenty of assets so the revenue need not worry. The club is currently restructuring and will have the money soon.
2. The other creditors oppose the order.
3. There was a technacality in relation to the winding up order being delivered. He said that an order received when the courts are on holliday can be treated as though it was received on the first day back from hollidays, i.e. in October.

The revenue lawyer was having none of it and strongly opposed these points but the Judge agreed with Shelbourne on the third point and postponed untill 2nd October and said Shels will have to have found the money by then.

Minor correction on the third one. The judge said that the order was treated as being received today.

I'm not sure of this stuff about Ollie having paid off €600k. That means that Ollie paid up €600k, and then defaulted on the first installment of a total of €104k? Still, if the Indo have it like that, I guess they must have checked their facts. Sorry for the confusion here, it was noisy in the courtroom, and everyone was speaking away from us!

[DmanDmythDledge]

3. There was a technacality in relation to the winding up order being delivered. He said that an order received when the courts are on holliday can be treated as though it was received on the first day back from hollidays, i.e. in October.

The revenue lawyer was having none of it and strongly opposed these points but the Judge agreed with Shelbourne on the third point and postponed untill 2nd October and said Shels will have to have found the money by then.

That's ridiculous. I'd guess that Oily knew that when he decided not to pay the revenue.

[John83]

That's ridiculous. I'd guess that Oily knew that when he decided not to pay the revenue.

I doubt it. His lawyer was openly admitting that they're seriously stuck for cash - it's just the Tolka lease is a big enough asset to keep their necks dry.

[DmanDmythDledge]

I doubt it. His lawyer was openly admitting that they're seriously stuck for cash - it's just the Tolka lease is a big enough asset to keep their necks dry.

So does that mean if they can't pay their bills they just sell their lease on Tolka?

[Schumi]

So does that mean if they can't pay their bills they just sell their lease on Tolka?

Yes. The alternative is to go out of business!

[Réiteoir]

Liability's €704,000 this year, Ollie. You owe a further €104,000. Pay the man.

So no wages for the Shels players this month then

[John83]

So no wages for the Shels players this month then

It sounds like a distinct possibility. It also makes a Shels move likely - they may have to move to cash in on the Tolka lease.

[OneRedArmy]

So does that mean if they can't pay their bills they just sell their lease on Tolka?

They have effectively sold it already, having sold the charge on it and drawn down a fair chunk of cash already.

Each time they draw down more cash, their departure date from Tolka grows closer.

Kilkenny and the other charge holders have no real interest in seeing Shels go bust, as they would end up joining the list of creditors (preumably next in the queue behind the Revenue), but its not a given that they will keep the cash tap turned on.

If they are happy enough that there are enough assets to pay the Revenue and let them get the land intact, then I could see them letting Shels go to the wall.

[Schumi]

its not a given that they will keep the cash tap turned on.

It would be in their interest for Shels to move as soon as possible so if Shels need the money for this urgently, it may be at the expense of moving out early.

[Poor Student]

Heard Ollie on the radio. Still says he expects major financing to be secured for the club if I heard him right.

I don't quite get the argument. If I had a house worth a lot of money yet never paid my taxes, how long can I go on before I have to actually put my money where my mouth is and use it to pay my outstanding debts?

[John83]

Heard Ollie on the radio. Still says he expects major financing to be secured for the club if I heard him right.

I don't quite get the argument. If I had a house worth a lot of money yet never paid my taxes, how long can I go on before I have to actually put my money where my mouth is and use it to pay my outstanding debts?

October 2nd.

[sonofstan]

October 2nd.

I find it very difficult to believe Shels have paid 600k in tax this year - their gates for the year can't be much more than 300k gross (1,500 X €10 per head - given loads of under 16s in every gate - X 20 - 17/ 18 league plus 1 euro game plus cup) - and 1,500 as an average is generous

[OneRedArmy]

Heard Ollie on the radio. Still says he expects major financing to be secured for the club if I heard him right.

I don't quite get the argument. If I had a house worth a lot of money yet never paid my taxes, how long can I go on before I have to actually put my money where my mouth is and use it to pay my outstanding debts?

Who would invest in an EL club other than fans? Particularly one that is so badly run it ends up in Court on a quarterly basis without its Chief Executive (a convicted criminal) being unduly worried.

Come in Shelbourne FC your time is up. You have whatever you haven't spent out of your lease charge money left, minus what the Revenue is owed and you'll be out on your ear from Tolka by the end of the season. You'll be playing in front of a couple of hundred in the tumbleweeds of Santry (if you are lucky) and I for one will be happy as a pig in sh it.

What goes around comes around. Ollies dogma has been run over by his karma.

[John83]

I find it very difficult to believe Shels have paid 600k in tax this year - their gates for the year can't be much more than 300k gross (1,500 X €10 per head - given loads of under 16s in every gate - X 20 - 17/ 18 league plus 1 euro game plus cup) - and 1,500 as an average is generous

I agree. I thought that what was said was that Shels owed €600k total, and were paying in €104k installments (maybe interest and/or penalties in there, or maybe the €600k is a rough figure), of which they'd defaulted the first. If that's right, they owe €600k, with the first installment (and maybe more) due by October 2nd.

However, I didn't hear it clearly. Other people present weren't sure either. The Indo seems to have taken it up as €600k paid just before the first winding up order went to court, €104 to go by October 2nd. If they paid €600k, it was an advance on their lease money or something like that. I really doubt they had that sort of money handy in any other form.

[passerrby]

come on lads lets have a whip round and see if we can we find the money needed to save shels so send the money care of bohs and it can rest in their account until hell freezes over or when shels move to dalyer ,which ever comes first

[TonyD]

What goes around comes around. Ollies dogma has been run over by his karma.

Beautifully put. His Karma may not have been instant, but it looks like it's gonna get him. I actually don't want to see them go bust. I'd rather see them penniless and struggling to avoid relegation in front of gates of about 300(on a good day) out in Santry.

[Dr.Nightdub]

Same here. I much prefer the prospect of them dying slowly by the process of a long, lingering, gradual but painful strangulation with a constant miserable feeling of "How low we've fallen to come from that to this", punctuated by the occasional burst of misplaced and ultimately, unfounded hope.

[John83]

Ollie speaketh.

"There is no need for Shelbourne fans to worry, the situation is under control."

I have a sneeking suspicion that that line may yet grace the front cover of STIG. Possibly in another run of the Comical Ali visits *shakes magic 8 ball* Santry series.