Sir Anthony O'Reilly's losses on his stake in Waterford Wedgwood could increase, according to insolvency experts, if receivers appointed to the tableware company this week are unable to repay the bank debts in full.

The Irish businessman together with Peter Goulandris, his brother-in-law, own 52 per cent of the company but they have also given personal guarantees on part of the company's €449m net debt.