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11/08/2005
Coleraine Football Club gains reprieve
The future of Coleraine Football Club was much brighter today after the club received a last-minute reprieve from being wound up for its failure to settle debts of over £300,000 owed to the Inland Revenue.
A bankruptcy hearing at the High Court on Wednesday was expected to signal the end of the Bannsiders, however the court was told that a rescue plan was in place to pay the £364,092 back. The case was adjourned to 30 August, when a business plan will be presented.
One of those behind the new plan is Raymond Kirk who is chairman of the Friends of Coleraine.
Mr Kirk said the club was receiving "overwhelming" support from the business community and that he was "absolutely convinced" the new plan would work.
The IFA, meanwhile, said Wednesday’s adjournment reaffirmed Coleraine’s continuing status as a Premier League club, and therefore enabled it to fulfill its immediate fixtures beginning this coming weekend against Glentoran in the CIS cup.
IFA Chief Executive Howard Wells said: “The IFA’s position has been clear throughout, that we had to preserve the integrity of the association and the competitions under its aegis and also be certain that the IFA was not at risk of either legal or financial challenge.
“We have been given assurance by Mr John Mairs, acting secretary of the Friends of Coleraine, that he has the full authority of the current directors of Coleraine Football Club to act on behalf of the club and in turn he has given the IFA assurance that the club can continue to meet its football obligations.”
Coleraine had overall debts of around £1 million however, while other creditors accepted a voluntary settlement agreement, the Inland Revenue said it would not and applied for a winding-up order.
(MB/SP)
A bankruptcy hearing at the High Court on Wednesday was expected to signal the end of the Bannsiders, however the court was told that a rescue plan was in place to pay the £364,092 back. The case was adjourned to 30 August, when a business plan will be presented.
One of those behind the new plan is Raymond Kirk who is chairman of the Friends of Coleraine.
Mr Kirk said the club was receiving "overwhelming" support from the business community and that he was "absolutely convinced" the new plan would work.
The IFA, meanwhile, said Wednesday’s adjournment reaffirmed Coleraine’s continuing status as a Premier League club, and therefore enabled it to fulfill its immediate fixtures beginning this coming weekend against Glentoran in the CIS cup.
IFA Chief Executive Howard Wells said: “The IFA’s position has been clear throughout, that we had to preserve the integrity of the association and the competitions under its aegis and also be certain that the IFA was not at risk of either legal or financial challenge.
“We have been given assurance by Mr John Mairs, acting secretary of the Friends of Coleraine, that he has the full authority of the current directors of Coleraine Football Club to act on behalf of the club and in turn he has given the IFA assurance that the club can continue to meet its football obligations.”
Coleraine had overall debts of around £1 million however, while other creditors accepted a voluntary settlement agreement, the Inland Revenue said it would not and applied for a winding-up order.
(MB/SP)
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