Cork City to fold after High Court judgement
Cork City Football Club has been told to close at the High Court today.
A 'winding-up' order was issued against the club, but a stay was placed on it until Friday, meaning the club can continue trading until then.
Today was the deadline set by a High Court for the club’s directors to meet the requirements of the Revenue Commissioners to help settle an estimated €360,000 debt.
The club were in a confident mood before today's court sitting and seemed to think the recent sale of key players Colin Healy and Denis Behan, to Ipswich Town and Hartlepool United respectively, would have helped meet the minimum demands of the court. The sales of the players were thought to have raised at least €120,000.
However, Justice Mary Laffoy said the trading company Cork City Investments FC was effectively insolvent.
While acknowledging the important social role that the club plays in Cork, the judge said she had no choice but to make an order winding up the company.
Full report to follow.
