The receiver appointed to the Wexford Electronix plant will spend the next few days examining the company's accounts to determine if it can continue to trade in the short term.

"We will be advertising the business for sale as a going concern," said Mr Ray Jackson of KPMG, who was appointed receiver on Thursday. He said it was too early to comment on the firm's financial state.

Electronix, which makes cable harnesses for the motor industry, said on Thursday it had requested its banks to appoint a receiver because of a sharp drop in demand for its products.

It said demand in the capital goods market had fallen, particularly in the past three months, and a continued weakness in sales was forecast - forcing it to appoint a receiver.

Mr Jackson spent yesterday meeting staff and their union representatives to discuss the firm's future.

No interest had yet been expressed by potential buyers, according to Mr Jackson. "But I wouldn't expect it at this stage," he said. "If there's a potential buyer anywhere in the world, we will find that buyer."