Hopelessly insolvent - that's 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 - where 297 staff are based.
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's bank accounts over a debt of 300 thousand euro.
Meanwhile, former workers staging sit-ins at plants in Cork and Wexford are due to meet the provisional liquidator later - in an effort to secure outstanding wages they say they're 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 company's position: