The High Court will decide on Monday whether or not to extend court protection to five companies in the McInerney building group.

Lawyers for an examiner appointed to the group have asked for more time to prepare a survival scheme.

Bank of Ireland, KBC and Anglo Irish Bank are owed €115m and are objecting to any extension of the examinership.

The court heard that the value of property used as security on bank debts could be worth as little as €25m having dropped by about a third in the past three to four months.

Counsel for the bank Rossa Fanning described the new valuation as 'disturbing'.

He outlined how an original valuation of all property and work in progress of €195m was written down to €95m when the company went into examinership before being written down further.

The most recent write-down of the property relevant to bank debts was not something the court could countenance, he said.

Mr Justice Frank Clarke will give his decision on Monday morning.