The High Court has granted court protection to five companies in the McInerney building group despite opposition from three banks.
Mr Justice Frank Clarke confirmed the appointment of an examiner to the companies, but he said he wanted a report from the examiner by 1 October.
Bank of Ireland, KBC and Anglo Irish Bank are owed almost €115m by the companies.
The judge said he believed there were three possible ways in which the company could be saved.
He said the examiner could come to interlocking arrangements with the existing banks and with a potential investor.
Mr Justice Clarke said the existing banks could stay on as lenders to the companies against their wishes or he said a new bank could take over the existing loans at a reduced amount.
However, he said all of these possibilities had significant difficulties and he wanted a report from the examiner on the reality of the prospects for the success of any of these plans.
The case will be before the court again on Monday 4 October. At that stage, the judge signalled he would decide whether to continue or to terminate the protection order.
McInerney Homes employs 100 people.
