The company whose investment was hoped would save the future of Waterford Pilot Training College has decided not to go ahead with the investment, the High Court heard yesterday.
Bernard Dunleavy, for Michael McAteer, who was appointed examiner in a bid to save the college as a going concern, applied to Mr Justice Paul Butler to lift the protection of the court, discharge the examiner and order the winding up of the company.
The development means 350 students, who are owed a total of almost €5.5 million, will be left with nothing as the company has no funds to return the fees of about €80,000 they each paid for a course in the US. Judge Butler appointed Mr McAteer as liquidator of the company.