Assurances were given in the High Court yesterday that wedding receptions booked at the four-star Waterford Castle and Hotel will go ahead despite the financial crash of the complex.
With the appointment of Aiden Murphy as official liquidator over two companies which own and operate the island hotel and golf course, summer holiday bookings and golf outings have also been guaranteed.
Mr Justice Michael Moriarty, appointing Mr Murphy at the request of a National Asset Management Agency subsidiary company, the National Asset Loan Management Ltd, said the complex now had the opportunity of continuing to be run as a going concern.
Dramatic changes
He told Declan Murphy, for the liquidator, there had been dramatic and speedy changes in the financial circumstances surrounding the complex since the the boom.
It was in the best interests of everyone that the complex should continue, particularly at the high season.
Stephen Walsh, for Nalm, was granted an order winding up the companies, Negold and Cendant, which owe Nalm just under €34 million.
Mr Walsh, who successfully resisted a stay to facilitate consideration of an appeal to the Supreme Court, said directors John Simpson, Mark Ricketts, Fergus Appelbe and Mark O’Driscoll should be directed to provide a statement of affairs within 21 days.
A stay had been sought by Louis McEntagart, for the company directors, who said there had been very weighty points of law presented to the court at very short notice.
Elaine Grier, for the Revenue Commissioners, told Mr Justice Moriarty there had been significant tax default.
Hopelessly insolvent
The 19-room hotel, at Little Island, Ballinakill, Waterford, employs 75 people. It has 48 residential lodges and an 18-hole golf course on a 310-acre site. The court had heard the companies were hopelessly insolvent and unable to pay their debts.
The matter was returned to October 14th.