The High Court yesterday appointed a Dublin accountant, Mr Tom Kavanagh, as an interim examiner over the Dublin technology company, Twelve Horses Ltd.

Mr David Malone, the company's chief executive, of Foxrock Manor, Foxrock, Dublin, said in an affidavit that the business of the company was essentially sound.

Twelve Horses principal activities were the development and sale of software products that facilitated digital communication.

Were it not for the "irrecoverability" of a loan to Twelve Horses Inc, a US subsidiary, for $7.6 million (€7.7 million), and difficulties experienced with the management team in the US, the Irish company would in fact be solvent, he said.

Funding requirement for the examinership could be financed by available cash balances, together with the collection of debts and payments to be made by USA Investment Partners LLC, Mr Malone added.

In addition, a number of directors had undertaken to underwrite short-term cash requirements up to €100,000.