Two accountants appointed to find a way forward through examinership for two insolvent building firms are to investigate a number of matters of concern, a judge has ruled. It is thought to be the first joint examinership in Ireland.

Judge John O’Connor, after appointing chartered accountants Joe Walsh and John Healy as joint examiners to Trinity Homes Limited and a related company, Yeronga Ltd, noted they would review a dividend payment of almost €1m by Trinity Homes to a former director.

Mr O’Connor also directed Mr Walsh and Mr Healy, both experienced insolvency practitioners, to investigate whether significant sums of investors’ money were unaccounted for and had been diverted to fund the development of private rather than social housing.

John O’Donnell SC, who appeared with barrister Ross Gorman and Graham Kenny for Trinity Homes and Yeronga, told the Circuit Civil Court that a draft consent order by the court had been prepared.

He said that in talks with John Kennedy SC and barrister Sally O’Neill for Project Trinity Homes and Project Trinity Homes 2, representing foreign investors in the companies, the parties had reached a consensus on what was to happen going forward in the examinership.

Yeronga is owned by Trinity Homes and both companies have been involved in the construction of rural housing for a number of local authorities including Wexford, Tipperary, Kerry and Meath. Dwelling units have also been built for the housing charity Cluid.

The two firms were established in 2014 but are now unable to pay their debts, difficulties caused by an increase in the cost of building materials, an inability to meet scheduled loan repayments and an arrangement to buy the shares of a former Trinity Homes director on which more than €900,000 had already been paid out.

The problems of both companies have already been aired in the High Court and several judges have been told that their main source of funding was through the Immigrant Investment Programme. Under this programme non-EEA citizens who invest €1m each for three years in Ireland can obtain residency and ultimately Irish citizenship. The companies have borrowed more than €11m through the programme.

Mr O’Connor adjourned the hearing to allow both joint examiners to carry out inquiries on the basis that the companies had a reasonable prospect of survival if certain steps are taken.