The Revenue Commissioners will be paid approximately €40,000 out of some €1.5 million due to them under a scheme for the survival of the company that trades as Shamrock Rovers football club.
The arrangement was approved by the High Court yesterday.
The scheme, drawn up by the examiner to Branvard Ltd, involves many creditors of the old operation writing off considerable sums.
Preferential creditors will receive 4.25 per cent of what they were due, while unsecured creditors will be paid 2.12 per cent of what they were owed. Preferential creditors were due more than €444,700, while unsecured creditors were owed €1.66 million.
New investment in the club is coming from supporters who established what is known as the "400 Club". They have put or are putting about €750,000 into the club.
Approval for the scheme was given yesterday by Mr Justice Frank Clarke, who decided that the term of examinership should continue until next Tuesday. The judge was told the new owners would be different from the previous management. They will own the entire team and club.
Mr Justice Clarke said it was most regrettable that such liabilities to the Revenue should have been allowed to build up. That problem was largely historical. The scheme would allow the company to trade in a way that might keep it solvent in the future.
When the examiner, Neil Hughes, was appointed by the court on April 25th last, it was stated that Branvard Ltd had debts of €2.6 million. Of the total due to the Revenue, more than €540,000 was for PAYE and PRSI arrears.
Shamrock Rovers will play at Santry Stadium, Dublin, from the beginning of next season and it is proposed the club will later use a new ground at Tallaght under an arrangement with South Dublin County Council.