Alton Towers, barrister Simon Antrobus said the company's top executives had accepted responsibility for the crash from the day it happened, and had apologised.
He added: "(The company) accepts its responsibility that this should never have happened and accepted that the accident was attributable to failures that, while they were never intended, would have been avoidable with greater care."
Describing Merlin as "the most reputable operator in this field", he added that the firm employed 8,000 staff across 11 different sites - with more than 120 individual rides - serving 16 million visitors a year.
Mr Antrobus said: "It's a good organisation that made a serious failure, but is one that is of otherwise good character."
Asked by the judge if anyone had resigned as a result of the crash, Mr Antrobus replied: "No."