The historic clipper the Carrick has been given a stay of execution and could yet be saved if a viable restoration package is proposed.

Power to break up the vessel has been granted and a series of meetings is planned to ensure it is done properly, with homes found for specific parts of the ship.

However, officials from the Scottish Maritime Museum and Historic Scotland met other interested parties yesterday and the door was left open for any viable restoration attempt involving the Carrick.

Jessica Beverly of the Cutty Sark Trust, set up to save and maintain the Grade 1 listed attraction in south-east London which was badly damaged by fire last week, said she hoped the Carrick could still be saved. The Carrick, like the Cutty Sark, combines a cast iron frame with a wooden hull.

"The Carrick is definitely worth saving," she said. "The response we have had in relation to the Cutty Sark shows there is overwhelming enthusiasm for keeping our maritime heritage."

The Carrick has been a sad sight, rotting at the museum in Irvine since it was moved from the River Clyde in Glasgow where it sank in 1992. Also known as the City of Adelaide, the clipper was built in 1864.

Deconstruction is still considered the likely option for the Carrick but it is understood other options will be looked at if proposed.

A spokeswoman for Historic Scotland said: "This vessel has international importance and, should the deconstruction go ahead, it must be done in accordance with the guidelines proposed for national historic ships to ensure that the vessel's future as a historic artefact is secured as far as is possible."

Jim Tildesley, former director of the Scottish Maritime Museum, who is advising the museum over the future of the Carrick, said deconstruction was the only option on the table.

Meanwhile, plans are being developed to stage a concert to help raise some of the £10m needed to restore the Cutty Sark. The event, to be held in Greenwich, is expected to feature a diverse range of acts, including rock and classical.

Stephen Archer, director of Cutty Sark Enterprises, said: "I think it may well be a mixture of genres. I think it's going to be some sort of combination to have a wide appeal. We have got some major support."

Around half of the ship had been removed during conservation work, costing £25m, before the fire broke out.