The High Court has ruled that Cork City Football Club must be wound up because of debts of €440,000 owed to the Revenue Commissioners. Ms Justice Mary Laffoy this afternoon said the company was insolvent and therefore couldn't pay its debts. She also said the court could not impose a compromise on the Revenue, and that she had no choice but to wind-up the company. The court had already heard that the club employs 45 people and plays an important social role in the city. Cork City FC came up with €120,000 and a plan to pay back the rest of the money over a 12 month period, but this was rejected. Ms Justice Laffoy froze the winding-up order until Friday, during which time the company will decide whether to appeal. Afterwards Chairman Tom Coughlan was adamant they would try and get money together to pay the debt over the coming days. "She's made an indication of what she's going to do on Friday, which is very clearly wind up the company," Mr Coughlan said. "That's unless we can get some last minute settlement with the Revenue, which we will try and do over the next 48 hours."