Waterford United's survival has been confirmed after an application to wind up the League of Ireland football club was struck out.

The First Division club's former manager Stephen Henderson had petitioned the High Court to have WUFC Operations Ltd, the company that operates the club, liquidated.

Mr Henderson took a case against the club following his dismissal in 2011.

Last year, he obtained a judgment against the club, which has not been satisfied.

Mr Henderson said the company, which is based at the Regional Sports Centre, Cork Road, Waterford, was insolvent and unable to pay its debts as they fall due. He said it should be wound up and a liquidator appointed.

Stephen O'Connor for Mr Henderson told Ms Justice Mary Laffoy at the High Court today that the matter had been resolved and the petition could be struck out.

The settlement was announced following talks between the company and Mr Henderson's representatives.

No terms of the settlement agreement were revealed in open court. The settlement is understood to be confidential.

The winding up application was brought on the basis the company has failed to satisfy a judgment of €37,600 made against it in favour of Mr Henderson at Dungarvan Circuit Court last December.

That judgment was affirmed by the High Court last March.

When the matter was previously before the court, the company asked for an adjournment as new solicitors had only come on record.