A decision by credit insurers not to cover transactions was the final blow that led to movie rental chain Xtra-vision being placed into receivership, leaving more than 1,000 jobs hanging in the balance.

A large number of Xtra-vision's landlords have agreed to variations of the lease agreements they have with the chain, the High Court heard today.

XTRA-VISION’S outlets will continue to operate as normal following the appointment of an interim examiner to the company, the High Court heard yesterday.

Xtra-Vision has been sold for €32m, it was announced today.