Anglo Irish Bankcorp, which is owed money by the stricken construction firm Irishenco, is unlikely to act to safeguard its interests until a liquidator has been appointed to the company. At that point, it will consider its options, including the appointment of a receiver, sources have indicated.

Irishenco, which has collapsed with the loss of 250 full-time jobs, is expected to ask creditors for approval to appoint a liquidator, thought to be Mr Liam Dowdall of BDO Simpson Xavier. A creditors' meeting is likely to be held on July 20th, according to an RTE radio news report yesterday, quoting a company executive. Following this, Anglo Irish could seek the appointment of a receiver to safeguard its interests.

Management at Irishenco is preparing a statement of affairs for the creditors' meeting although the size of the deficit at the company is not yet clear. Aside from Anglo Irish the company owes money to its sub-contractors. It is believed to owe Anglo Irish between £4 and £5 million, part of it in outstanding loans and part in guarantees in respect of projects being carried out by the company.

Irishenco was involved in a number of high-profile schemes including construction of the Rathcoole Interchange on the Naas Road and a drainage scheme in Wexford, both of which are now likely to be delayed. It foundered amid cash-flow difficulties.

Irishenco, which is 50 per cent owned by Iranian investor Mr Mehdi Kashani, is also involved in arbitration over work done for South Dublin County Council in building a section of motorway at Rathcoole.

If a receiver is eventually appointed, he would first carry out his work before handing over to the liquidator who would then proceed to wind up the company.

Meanwhile union officials have called on the Government to do something to save the company. Mr Eric Fleming secretary of the construction industry's group of unions, said the Tanaiste and Minister for Enterprise, Trade and Employment's Ms Harney should get involved to save the firm.