Liquidator appointed to Waterford Castle and Hotel

Brides-to-be breathed a sigh of relief yesterday when it became clear in the High Court that receptions they 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 Nama company, said the complex now had the opportunity of continuing to be run as a going concern.

He told Declan Murphy, counsel for the liquidator, there had been dramatic and speedy changes in the finances of the complex since the boom. He said it was in everyone’s interest that the complex continue, particularly at high season.

Stephen Walsh, counsel for National Asset Loan Management (NALM), was granted an order winding up the companies, Negold Ltd, and Cendant Ltd, which owe NALM just under €34m.

Mr Walsh, who fought off a stay to allow consideration of an appeal to the Supreme Court, said the companies’ 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 barrister Louis McEntagart, counsel for the company directors.

Elaine Grier, counsel for the Revenue Commissioners, told Judge Moriarty there had been significant tax default and the Revenue supported the liquidation application.

The 19-room hotel, located 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. Creditors had been arriving unannounced seeking “self help” remedies. One creditor had threatened to block access to the ferry, the only way of accessing Little Island from the shore for golfers, holidaymakers, and wedding parties.

Alternate food suppliers had to be sourced and tradesmen had refused to carry out works unless paid up front in cash.

The matter was returned to Oct 14 next.