THE company which owns the Cork City Football Club grounds was wound up by order of the High Court yesterday. The President of the High Court, Mr Justice Costello, refused to adjourn the application for a week.
The petitioner, Martin O'Callaghan Ltd, with registered offices at Willowhill, Carrigaline, Co Cork, claimed it was owed £46,775 for building works carried out at the club grounds at Bishopstown Road, Wilton.
Mr Alex Schuster, counsel for Decvale Ltd, which owns the grounds, said they were resisting the petition. There was agreement in principle with the Football Association of Ireland to buy the grounds for £270,000 and negotiations were at an advanced stage. Decvale had agreed to pay out £37,000 of the sum to the petitioner. There were problems in relation to title to the property.
Mr Justice Costello asked if the company was solvent. Mr Schuster replied that it would probably be when it sold the grounds. In reply to the judge he said he had no affidavit on behalf of Decvale. Mr Schuster asked for a week's adjournment, adding that it would be a tragedy if the company was wound up.
Mr Justice Costello said he would refuse the application for an adjournment. There were no grounds setting forth reasons for an adjournment.
The application by Martin O'Callaghan Ltd was supported by the Revenue Commissioners who are owed £80,125 and Sports Ground and Field Services Ltd of Vernon Avenue, Clontarf, Dublin, which is owed £17,537. Jurys Hotel Group plc, of Western Road, Cork, which is owed £5,659, opposed the order.
Mr Martin Hayden, counsel for Martin O'Callaghan Ltd, read an affidavit by Mr O'Callaghan who said his company carried out building works for the Cork City Football Club project between 1992 and 1993. He said his company twice issued proceedings against Decvale following failure to discharge monies due.
The sums due were agreed and substantially paid for by way of post dated cheques which were subsequently dishonoured. Mr O'Callaghan said he believed the company was unable to pay its debts.
A Cork city accountant, Mr John Hyland, was appointed liquidator.