The High Court has wound up the Waterford-based Pilot Training College whose students were left stranded in Florida last July having paid fees of around €80,000.

The company was under court protection from its creditors but that has been withdrawn by the court this afternoon.

The High Court appointed an examiner to the college back in July.

It followed its well-publicised dispute with the Florida Institute of Technology which it says left it with a major financial deficit.

An independent accountant told the court at the time that college had a reasonable prospect of survival if it was restructured.

The interim examiner – Michael McAteer of Grant Thornton – had engaged with interested parties and the Irish Aviation Authority (IAA) in a bid to restore the license.

Barrister Bernard Dunleavy explained that an investor had been lined up for the college but pulled out on Wednesday.

This left the examiner unable to put together a scheme to save the business.

The collapse of the company means students are unlikely to claw back fees they have lost.

It was thought the students could have lost around €80,000 each after their studies were cancelled because of the dispute.

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