The High Court has appointed an interim examiner to Nariton Holdings Ltd, a property owning company, and its sister company, Nariton Construction Ltd., of Clonee, Co Meath.

Mr Michael Collins, S.C., counsel for both companies, told Mr Justice Liam Mc Kechnie that Nariton Holdings owed ACC Bank €7.6 million and that the bank had appointed a receiver to the company on Friday evening last.

Mr Collins, who appeared with Mr Mark Sanfey, said there was provision under the Companies Acts for the appointment of an examiner within three days of a receiver having been appointed.

Both companies were granted the protection of the court until Wednesday, September 11th, the return date for the petition to appoint an examiner.

Mr Collins said Nariton Holdings owned development sites to the value of €11.6 million and the equal joint owners of both companies, Mr Frank O'Brien and Mr Patrick Coffey, believed that some of this land could be sold off to reduce the bank debt to a more manageable level while the companies continued to trade.

He said some of the development land had still not received planning permission which, when achieved, would substantially increase the value of the company's holdings.

Judge Mc Kechnie said he was satisfied there were reasonable prospects which would warrant the court in giving both companies its protection and appointed Mr Tom Kavanagh, accountant, as interim examiner.