MR Tom Grace of accountants Price Waterhouse is expected to be named as receiver of Power Corporation shortly, writes Bill Murdoch. The announcement of the receivership could be as early as today but some sources are now suggesting that an announcement might be postponed until after the holiday weekend.

Power has bank debts of more than £190 million and has been unable to arrange a much needed financial restructuring. It employs 23 people and has properties in Ireland, Britain and the US. Around 85 per cent of its portfolio is in the US. Its best known Irish property is the Powerscourt Townhouse Centre, in Dublin.

Power has not produced accounts for more than two years. The last published results were for the six months to the end of September 1994 which showed a pre tax loss of £5.6 million and net tangible assets of £9.2 million. However, under the most recent restructuring proposals, which collapsed following increased apprehension by the investors, led by British property developer, Mr John Beckwick, the banks were insisting on a substantial reduction in the balance sheet valuation of some of the properties. This would have pushed Power into a negative net worth position.

It lost its share quotation three weeks ago because it did not produce more recent results. This, the state of its balance sheet, and the absence of a viable restructuring deal, has triggered the need for a receivership.

The founder of Power, Mr Robin Power, resigned in 1995.