WATCH out for a clash between estate agents and the top insolvency firms over who gets to sell what properties in the new year.

Up to now properties put into receivership have invariably been handled by receivers from the main accountancy firms. They in turn have brought in estate agents to manage and sell them, while charging a fee themselves for the pleasure.

Now the estate agents – who find themselves underemployed at the moment – are making the case that they, rather than acccountants, are best equipped to handle the disposal of property full stop.

No need for a middle man in the form of an accountant who can charge exorbitant rates by the hour, they say, when they are will willing to do the business for a fixed fee.

First out of the traps are HWBC, which has set up a joint venture company with the UK company Allsops, a specialist in the receivership business.

Next comes Colliers Internationalwhich has already been operating a similar service in Belfast and London for some years.

The HWBC operation has already got bank instructions to sell six property portfolios, including office investments, hotels, petrol stations and land. Colliers has also been given a mixed portfolio of properties to look after in the coming months. Meanwhile accountants across the land have desks piled high with bankrupt properties that they simply don't know what to do with. There will be buyers in time for a good share of the properties in trouble but with most of the Irish banks closed for business, investors will have to cast about for alterntive finance. The word on the street is that Barclays, which has an office in Dublin, is offering loans of up to 70 per cent on cast iron propositions. A number of German banks are also willing to talk but in their case they will only fund topnotch properties – think Grafton Street or the Aras – and they might listen.