Cork City get stay of execution

27 May 2009

Cork City Football Club’s fight to stay afloat has gone into extra time after Ms Justice Mary Laffoy adjourned the Revenue Commissioners’ wind-up application.

The court heard that the club has yet to fully pay a settlement reached with the Revenue after it came out of examinership in October. And it has since accumulated further PAYE and PRSI debts.

Justice Laffoy ordered that the club pay €68,000 in PAYE and PRSI debt before June 10 and also insisted that the outstanding examinership dividend should be settled.

A statement from the club earlier this month had suggested that all its current liabilities related to the period prior to examinership. However examiner Kieran McCarthy of Hughes Blake confirmed this week that aside from the unpaid settlement, all Revenue liabilities have been incurred since the examinership period.

The Revenue’s application will now be held on June 15.

Cork City chairman Tom Coughlan told Cork’s Evening Echo newspaper yesterday that he was pleased with the adjournment.

“We were happy with the outcome in Dublin and we have given a guarantee to the judge that we will honour all our obligations going forward.”

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