The High Court has appointed liquidators to a Cork building firm which owes NAMA more than €71m.

Provisional liquidators had been appointed in July to O'Brien and O'Flynn Ltd Building Contractors, of Doughcloyne House, Vicars Road, Cork.

The company's directors are brothers Dan and Denis O'Flynn.

The court heard the company owes NAMA some €71.2m with assets worth less than half that amount.

The debt to NAMA arose after it took over loans advanced to the company by Bank of Ireland and AIB in 2010 and 2008.

Lawyers for NAMA told the court the company had been insolvent for the past three years and the only sensible solution was the orderly winding up by the appointment of liquidators.

Counsel for the company had opposed the petition, saying it was unnecessary as receivers were already in place and had control over 90% of its assets.

They also disputed NAMA's legal standing to make the application and said the debt was in dispute.

Mr Justice Kevin Cross granted the petition and appointed liquidators this afternoon.