Limerick FC examiner needs extra time

THE examiner appointed to the company behind Limerick FC has been given additional time to prepare a detailed report for the courts.

Insolvency practitioner Conor Noone of Baker Tilly chartered accountants was appointed as examiner to Munster Football Club Limited in August after an application was made to the High Court.

However, given the size of the company and its debts of around €490,000 the matter was subsequently referred to the civil sittings of Limerick Circuit Court.

Addressing Judge Patrick Quinn during a brief hearing this Tuesday, barrister Ross Gorman, said Mr Noone was seeking an extension of time to allow him prepare a detailed report for the court.

He said his client was entitled to make such an application and that the adjourned date would still be within the timeframe outlined in the law.

The court was told the company was supporting the application for an adjournment and that the Revenue Commissioners, which had opposed the appointment of an examiner, was not objecting.

Judge Quinn was told representatives of the Revenue Commissioners are due to meet with representatives of the club in the near future to quantify the tax liability relating to the payment of weekly unvouched expenses to a number of Limerick FC players.

The payment of these expenses – €200 per week –  was previously disclosed in court papers supporting the application to have an examiner appointed.

Any tax liability that is identified will be owed by the club.

Judge Quinn granted the application and adjourned the matter to November 14, next – which will be day 70 of the examinership process.

The judge gave all sides liberty to have the matter reentered before that date if necessary.

As examiner to Munster Football Club Limited, Mr Noone has up to 100 days to put together a scheme of arrangement with the League of Ireland First Division side's creditors which, if approved by the Courts, would allow the company continue to trade.

Limerick FC’s chairman, Pat O’Sullivan was present in court for Tuesday’s hearing.