Shelbourne Football Club's holding company, Accolade Ltd, has been given until October to sort out its debts.
James Salafia SC, counsel for both the club and Accolade, told Mr Justice Tom Smyth in the High Court yesterday that many of the club's creditors were parties to a restructuring programme and that both companies were amply endowed with assets.
A petition to wind up Shelbourne FC Ltd was struck out, but Mr Justice Smyth, when told that Accolade Ltd still owed the Revenue in excess of €104,000, adjourned a petition to wind up the holding company until October 2nd.
Mr Salafia said Shelbourne FC had paid its Revenue debt in full and Accolade Ltd had already made provision for its debt to the Revenue, and this would be met in full.
He said that the company needed time to implement its restructuring programme.
Mr Justice Smyth said there was concern that matters had
been allowed to take on a somewhat leisurely course and he warned that the petition to wind up Accolade Ltd was peremptory against it as of October 2nd.