Tom Grace, one of the country's best known insolvency experts, has retired from PricewaterhouseCoopers after a 34-year career with the company, writes Jane O'Sullivan, Markets Correspondent

Mr Grace, who has headed the firm's insolvency department since 1987, has been appointed as a non-executive director of bookmakers Paddy Power with immediate effect.

Over the years, Mr Grace has acted in many high-profile and difficult liquidations and receiverships. The former captain of the Irish rugby team was liquidator to companies such as Johnston Mooney and O'Brien, Hospitals Trust Ltd, Clarks Ireland and the Irish Press Group.

He was also appointed as a receiver to the Cambridge Group, Galway Crystal and Ballybay Meats.

In 1998, he was appointed by the High Court to investigate the affairs of National Irish Bank (NIB). More recently, he was appointed receiver to the failed Cork stockbroking firm, W&R Morrogh after financial irregularities were discovered at the company.

He will be succeeded at PricewaterhouseCoopers by Billy O'Riordan although Mr Grace, who is in his late fifties, will remain on with the company in a consultancy role.

A former rugby international, Mr Grace won 25 international rugby caps for Ireland between 1972 and 1978 and captained the side on eight occasions. He also toured as a British and Irish Lion in 1974.

He is best remembered in rugby circles for scoring a late try in the 1973 game against New Zealand at Lansdowne Road which gave Ireland a historic 10/10 draw against the tourists.

Born in 1948 in Newbridge, Co. Kildare, his parents owned a toy shop in Dún Laoghaire. After studying in Newbridge College and UCD, in 1971 he joined the accountancy firm Craig Gardner, which later became PricewaterhouseCoopers, becoming a partner in 1983.

He joins the Paddy Power board just as the group's new chief executive, Patrick Kennedy, takes over the running of the company.