Housebuilder McInerney Holdings has announced that it is cancelling its stock market listings in Dublin and London.

The company, which is under examinership, says the listing is no longer in the best interests of company or its shareholders as it is no longer in a position to meet its continuing obligations for listing.

'The board has concluded that the continued listing of the shares of the company would jeopardise the successful implentation of any investment or similar arrangement that may be agreed by the examiner to ensure that the survival of the company or companies in its group,' the statement added.

Earlier this month, the High Court said it would continue court protection for the companies in McInerney until December 3.

Mr Justice Frank Clarke said he was continuing the protection with considerable reluctance but he said he could not at this stage come to the conclusion that there was not a realistic chance of the examiner coming up with a scheme which could succeed.

But he said there would be very considerable difficulties in coming up with a scheme which would not prejudice the existing banking syndicate who are owed money by the companies.

Bank of Ireland, KBC and Anglo Irish Bank are owed €115m and are opposed to the examinership. Any scheme submitted by the examiner is likely to be strongly contested by the banks.