Hopelessly insolvent is how haulage firm Target Express has been described by its liquidator.
A provisional liquidator was appointed by the High Court overnight for operations in the Republic.
297 staff are based here.
Target Express employed almost 400 people in total on both sides of the border.
It ceased trading on Monday blaming the Revenue Commissioners for freezing the company bank accounts over a debt of €300,000.
Meanwhile former workers are staging sit-ins at plants in Cork, Carlow and Wexford.
They are due to meet the provisional liquidator later in an effort to secure outstanding wages they say they are owed as well as statutory redundancy entitlements.
Michael McAteer is a partner and the head of recovery with Grant Thornton.
He has heard evidence from the courts to suggest the position of the comapny.
He spoke with Breakfast here on Newstalk.
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