Mr Padraic Monaghan of accountants KPMG, the receiver previously appointed to Cavan Crystal by Ulster Bank, has returned to the company after the collapse of a rescue package.

Mr Monaghan could not be reached for comment yesterday, but sources close to the company said he had resumed his receivership and it was too early to say what would happen to the giftware company, which employs 80 people.

Mr Monaghan was appointed last February, but his activities were suspended when Cavan Crystal's directors successfully petitioned for the appointment of an examiner. Attempts by the examiner, Mr David Hughes of Ernst & Young, to assemble a rescue package failed. Earlier this week the High Court ended its protection of the company.