THE examiner to the company which was developing the former Iveagh Baths in Dublin as a leisure centre is expected to tell the High Court today what progress he has on determining the validity of a contract to sell the property.

The contract was made before the examiner, Mr Jason Sheehy of Cooney Carey, chartered accountants in Dublin, was appointed.

The property, an uncompleted upmarket leisure centre, was sold to pubs owner and cement manufacturer Mr Sean Quinn for £700,000, two days after a receiver was appointed to Colmant, the company developing it. It is understood that the examiner's legal advisers are examining the contract.

The leisure centre was due to open last October, but was delayed. Around 75 per cent of the work on it has been completed. Facilities will include a swimming pool, aerobics studio, saunas and gymnasium.

Work on the complex has been halted and it is understood there is another three weeks' work needed to complete the gymnasium. The swimming pool needs another two months' work.

Approximately 800 people had signed up in advance of the complex opening. Membership fees were £400 a year.

Anglo Irish Bank is owed £640,000 and it put in the receiver. It has a fixed charge and is unlikely to lose out. Trade creditors are owed around £250,000.

One creditor, the International Leisure Group, a supplier to the leisure industry, is owed £80,000.

The promoters of the scheme, who include Mr Paddy Boyce, Mr Frank Glennon and another businessman, are believed to be owed £400,000.

A clearer picture is expected to emerge when the examiner's report is submitted to the High Court on March 6th.