Two directors at the collapsed Presbyterian Mutual Society have launched a High Court bid to delay an investigation by their professional disciplinary body.
Philip Black and David Clements are seeking to postpone attempts to interview them as part of an investigation to establish if there was any potential misconduct in how the stricken society was run.
A judge was told neither man wants to participate in the inquiry by the Accountancy and Actuarial Discipline Board while there is a prospect of separate proceedings.
The court heard an administrator's report prepared for the Department of Enterprise, Trade and Investment may lead to a directors' disqualification process.
Lawyers for the two accountants said they could also become involved in any regulatory action taken by the Financial Services Authority or civil litigation by savers.
Up to 10,000 Presbyterians across Northern Ireland lost their savings when the Society went into administration a year ago following a run on its funds.
Barrister Tony McGleenan, for Mr Black and Mr Clements, acknowledged that in the context of its collapse the administrator's report was likely to make reference to them.
"It's almost inevitable. The public interest is fully served by state scrutiny of their conduct," he told a judicial review hearing.
Dr McGleenan referred to the potential for "oppression" due to the lingering prospect of separate proceedings and a "multiplicity of civil claims".
He told the court a directors' disqualification process was live, with the Department having to decide whether it was in the public interest to make any order against his clients.
"We are slightly unsighted in relation to what's going on with the Department," he added.
Reserving judgement, Mr Justice Weatherup said he wanted time to consider the issues before ruling on whether to grant leave to seek a judicial review.
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