The court heard that Revenue claim it is owed a sum of approximately €439,000 by the club.

Ms Justice Mary Laffoy today said that "in reality" the company "is insolvent".

While acknowledging the important role the club plays in Cork the judge said she had "no choice but to make an order winding up the company".

The judge refused a request by the club to use her discretion and impose a scheme which would allow the club play off its debts to Revenue.

However the Judge said that she was placing a stay on the order to have the company wound up until Friday in the event of an appeal being made to the Supreme Court.

The club was taken out of examinership last October after a scheme of survival was approved by the High Court under which significant investment was promised.

Creditors, including the Revenue, were also to receive a percentage of the money owed to them.

The Revenue claimed it has received only part of dividend monies and other taxes due to it under the survival scheme and, in those circumstances, sought a winding up order.

Two weeks ago the judge said she was granting one final adjournment to allow the company come up with a proposal to pay the money owed to Revenue.

However today counsel for the Revenue, Dermot Cahill Bl, said that unfortunately no agreement had been reached between the sides and that Revenue was now seeking to have the firm wound up.

The club had offered to pay €120,000 today in court while the remainer would be paid over 12 months in installments of €24,000.