The court-appointed examiner to Cavan Crystal Glass Limited now believes, with some reservations, that the troubled company can survive, the High Court was told yesterday.

Mr Padraic Clarke, for the examiner Mr David M Hughes, said the examiner had formulated a number of proposals and his report indicated, with some reservations, that the company could survive. Meetings had been held with the creditors over the past week.

Mr Justice Shanley said he would adjourn the matter to allow consideration of the examiner's report, which was presented to the court yesterday and would list the matter for mention on Monday with a view to fixing a date for considering the proposals. He continued the protection of the company, which employs 80 people.

Mr Michael Cush, for the company, said a VAT liability of more than £36,000 would be paid by Wednesday next.

Last week, the court fixed yesterday as the date for presentation of the examiner's final report and continued the court's protection, despite opposition from Ulster Bank which is owed more than £900,000 by the company.