An interim examiner has been appointed to a county Mayo television company employing 30 people.

According to Independent.ie, Telifis Mhaigh Eo Teoranta, trading as "Irish TV",has obtained High Court protection after an unexpected funding shortfall and liabilities over assets of just under 9 million euro.

The company operates from Westport Industrial Park and broadcasts a 24-hour channel on Sky, Eir and free-to-air services as well as an on-line video on demand service.  

It is a subsidiary of Eochair Media Holdings Ltd (EMHL) which, it said in its petition seeking court protection, has "encountered an unexpected and significant funding shortfall."

Co-founder and chief executive, Piaras O'Reilly, and managing director, Mairead O'Reilly, together own 51 per cent of EMHL while John Griffin has the other major shareholding (41 per cent).  Mr Griffin resigned as a director of both EMHL and Telifis Maigh Eo on October 27 last.

In its petition seeking court protection, Irish TV said it has been left with an immediate operational cash flow shortfall after the main funder withdrew support in late October.

This followed four years of losses and it now has net liabilities of €8.7m.

An independent expert's report has found the deficiency between assets and liabilities has been satisfactorily accounted for and is due to the accumulated losses of the last four years.

The report says however that if a number of steps are taken it has a reasonable prospect of survival.  These include the closure of offices in New York, London, Dublin, Tyrone and Kerry, the implementation of a redundancy programme for certain employees, and reduced travel costs and expenses across all departments.

Ms Justice Marie Baker was satisfied to appoint Michael McAteer as interim examiner.