AN INTERIM examiner was appointed in the High Court yesterday to the Waterford registered shipping company, Eurocontainer Shipping plc (ECS), on condition that he receives £25,000 from a potential Norwegian investor to meet costs.

Mr Justice Murphy appointed Mr David Hughes, of Ernst and Young, as interim examiner.

Last week, the judge said that inquiries should be made from the potential Norwegian investor, Bryggen Finans, as to whether it would produce the £25,000.

He said he had the report of accountant, Mr Hughes, about investment proposals by the Norwegians. If the Norwegians were prepared to put up the sum in cash, it would keep matters alive.

Yesterday, Mr Hugh O'Neill SC, who petitioned for the appointment of an examiner on behalf of three ECS shareholders, Mr Joseph Kenny, Mr John O'Shea and Mr Vincent Kenny, said that unfortunately due to some mix up the money had not arrived. He had been told the money would be there by Monday.

It is estimated the company has a deficit of between £1 million and £3 million.

Mr O'Neill said Marubeni, an English registered subsidiary of a Japanese company which provided investment to ECS to acquire ships, claimed it was owed $19.5 million.

The potential investor had offered $14 million to Marubeni for its debt but Marubeni said this was unrealistically low and was sticking to the $19.5 million.

Ms Grainne Clohessy, counsel for Marubeni, said Bryggen Finans was seeking to make her clients sell the ships at a knock down price.

Mr Justice Murphy said he would appoint Mr Hughes as interim examiner. The £25,000 had to be lodged by Monday.