Sir Anthony O’Reilly’s losses on his investment in Waterford Wedgwood could increase if receivers appointed to the collapsed tableware company this week are unable to repay the bank debts in full.

The Irish businessman – together with Peter Goulandris, his brother-in law – is not only facing €400m (£362m, $539m) of losses on equity investments. The pair have also given personal guarantees on part of the company’s €449m of net debt.