The bank backed a 15m buyout at Servequip five years ago which saw accountants Jarlath Quinn and Eamon McKey, formerly of PricewaterhouseCoopers and KPMG respectively, take over the company. Servequip employs 22 people at Cherry Orchard industrial estate in west Dublin where it imports, manufactures and installs catering equipment including counters, sinks, extraction hoods and serving units.

Quinn and McKey had arranged a creditors' meeting for this Tuesday with a view to liquidating the company but Bank Of Ireland last week petitioned the high court to appoint Kieran Wallace of KPMG as receiver of the company's assets on foot of a number of charges held by the bank. The charges cover the company's stock, fixed assets and debtors.

Accounts filed by TFF, one of the Servequip subsidiaries, in 2003 show a 4m loan due to the bank at that date.