GROUNDED airline EUjet has been given up to 100 days to find a financial saviour.

A so-called Examiner has been appointed under Irish law that gives the Shannon-based airline – previously based at Manston – breathing space to look for an investor.

At the same time, the Commission for Aviation Regulation in Dublin has revoked the airline’s Air Carrier Operating Licence, formally grounding the operation.

EUjet collapsed last month after parent company PlaneStation, which also owns Kent International Airport at Manston, could no longer fund the operation.

It is understood that EUjet creditors are owed £10.6million, with shareholder loans amounting to a further £28.8million.

PlaneStation is now in administration, with partners at accounting firm Grant Thornton taking control from company chiefs.

In Ireland, the situation is different, with EUjet bosses remaining in charge while they seek investors under protection of the Examiner.

"It puts companies under protection of the court which gives it a bit of breathing space in order to try and secure an investor for the company," said David Swinburne, general manager of McStay Luby, a Dublin accounting firm.

John McStay, the firm’s partner, has been appointed Examiner to EUjet.

This gives airline chiefs 70 days to find a financial solution, with the possibility of a 30-day extension.

Mr Swinburne added: "The role of the Examiner is to form a scheme of arrangement, to deal with all the various claims of the creditors, and signing up an investment agreement if this happens.

"The court will only appoint an Examiner if it can be demonstrated that an investor coming into this company will provide for the survival of whole or part of the company and lead to a better outcome for the creditors."

EUjet has sent letters to creditors in the past few days asking them to confirm their claim against the company.

Passengers who paid for their tickets by debit card, cheque or cash, should file their claim to EUjet’s offices in Shannon, not to the Examiner.

Passengers who paid by credit card are being advised to claim against the card issuer.

Mr Swinburne said that a number of parties had expressed interest in EUjet.

Meanwhile, TG Aviation bosses have abandoned their interest in buying Kent International Airport.

The Manston-based company was told by accounting firm Grant Thornton that it had missed the deadline.