High Court and FAI defer decision
Monday, 15 February 2010 22:39
The Revenue Commissioners' petition to wind-up Cork City has been adjourned until next Monday, with the FAI waiting to make a decision on what division Cork will be in pending the outcome and Quintas only willing to complete the takeover if the club are in the top-tier of the league.
In the High Court this afternoon, the presiding judge ordered that Cork City's bank account, which had been frozen, to be re-opened to allow City to receive funds owed to the club from the transfer of Kevin Long to Burnley.
The amount received would be enough to pay an outstanding VAT, PAYE and PRSI bill of €115,906 to the Revenue and Cork hope the money will come through on Wednesday.
Meanwhile, the Quintas Group have confirmed that a signed share purchase agreement has been received from Tom Coughlan, but there are still some conditions to be met for the takeover of the club.
Quintas said in a statement released this evening: 'The group is now in the process of verifying the figures supplied by the current owners of Cork City FC to ensure that the current net liabilities of the club are consistent with what has been presented.
'This agreement is also contingent on the FAI approving a Premier Division licence for the coming season.'
The FAI stated on behalf of the Independent Club Licensing Committee that they are waiting to see the outcome from the High Court and the Quintas takeover.
A statement read: 'In making its decision, the Independent Club Licensing Committee noted that one of the fundamental principles of club licensing is the protection of creditors such as club employees, other clubs and the Revenue.
'The Independent Club Licensing Committee was made aware of a potential takeover which may result in commitments to creditors being honoured.
'As this takeover is dependent on the outcome of the High Court order, the Independent Committee felt it prudent to await that outcome and give maximum opportunity for creditors to be paid.
'The application from FORAS has been deferred pending the outcome of the Cork City decision.'
