A liquidator has been appointed to Waterford Castle and Golf course which employs around 75 people.

The four-star hotel, located at Little Island Ballinakill, consists of a 19 room hotel, 48 lodges and an 18 hole golf course.

It will continue to trade.

The court noted Waterford Castle was for many years the successful prototype of the upmarket resort but found its fortunes in recent times have 'attained grim proportions'.

This petition to have a liquidator appointed was brought by the National Asset Loan Management Ltd, which is a NAMA company, owed €33.8 million by the hotel owners, Newgold Ltd and Cendant Ltd.

Aiden Murphy was appointed as provisional liquidator last month and his appointment has now been confirmed following a High Court hearing on Wednesday.

Mr. Justice Michael Moriarty noted that even the trading records were 'far from promising' and that a statement from last April showed a combined loss for the companies of over €433,000.