The High Court has appointed liquidators to one-time property giant Treasury Holdings
Grant Thornton has also been appointed to 16 subsidiary companies of the group.
Lawyers for Treasury indicated last week that would not oppose an application by KBC Bank to wind up the business.
KBC claims it is owed over €55 million arising from loans to develop Spencer Dock in Dublin.
The National Asset Management Agency (NAMA) claims the property developers owe it over €1 billion while total Treasury debts are around €2.7 billion.
The liquidators say management services being provided by the company should continue as normal and they are to meet all staff to make arrangements for the future.
It directly employs up to 45 people at its headquarters in Dublin.
At its height Treasury was a multi-billion euro property business with operations spanning as far as China.
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