The High Court has appointed Dublin accountant Mr Tom Grace as interim examiner to Miza Ireland, formerly Antigen, which employs 250 people in Roscrea, Co Tipperary.

Miza Pharmaceuticals, a Canadian-based firm, and British company Goldshield had bought debt-stricken Antigen last year for €35.3 million under a survival plan approved by the High Court. Miza promised to invest €7.6 million in the Roscrea plant but it now has cash problems.

Yesterday, Mr Eoin McCullough SC, for the petitioners, the Bank of Ireland and Bank of Scotland (Ireland) Ltd (formerly ICC), told Mr Justice McCracken that Miza consisted of five companies, all formerly part of the Antigen Group, which came out of examinership last year.

The survival scheme did not work out largely because Miza failed to make the investment envisaged by the scheme of arrangement.

Mr McCullough said his clients, who were creditors under last year's scheme, had only been paid some of the instalments due to them and were applying for the appointment of an examiner in the belief that the company was capable of survival as a going concern, as long as debt problems could be settled.

Mr Justice McCracken appointed Mr Grace as interim examiner and fixed November 11th for the hearing of the petition.

Bank of Ireland and ICC had criticised last year's court deal. Both banks did not agree that small creditors owed less than £10,000 (€12,700) should be paid first. The two banks were owed €10.4 million out of a total debt of €21.6 million. Miza agreed to take on payments of the debts under the 2001 court-approved arrangement.

The Roscrea plant had been making pharmaceutical products including injectable medicines for hospitals. Miza has sold the plant's business and distribution side, including lucrative licences, to Goldshield for €15.2 million.