Provisional liquidators have been appointed to Target Express holding company College Freight Republic of Ireland.
The joint liquidators are Stephen Tennant and Michael McAteer of Grant Thornton.
It is also understood that a receiver will be appointed to the Target Express group property holding company ASDA Property Holdings - which is unconnected to the supermarket chain.
An administrator is expected to be appointed to a Northern Ireland sister company College Freight Northern Ireland.
Workers are continuing to stage a sit-in at the company's Cork depot.
The protest began yesterday following Monday's announcement that the company was to close with the loss of 390 jobs.
The workers in Cork have been showing representatives of the court-appointed liquidators around the depot at Little Island.
However, they remain adamant they will not be leaving until they get paid.
Representatives of the provisional liquidators arrived at the depot just before 5pm today.
It is understood the representatives told workers that they wanted to take possession of the building and its assets and that the workers refused to leave.
Worker Tom Cullen said that as the liquidators' representatives were the first people to come and talk with them, they are willing to work with them to resolve the situation.
But several issues need clarification and they would not be leaving the premises tonight.
He confirmed that a meeting, at which the liquidators' representatives will brief staff, is to take place in the morning.
Gearoid Costelloe, a partner with Grant Thornton, told RTÉ that they informed the workers they were here to secure the building, and if necessary, take possession, under the High Court order.
It would be their intention to handle the situation as sensitively as possible.
He added they would be briefing staff in the morning and priority would be given to processing the necessary claims for the employees in the liquidation.
Meanwhile, Revenue has defended its action to place attachments on the company's bank accounts.
It said such measures were used only as a last resort in cases where the debt problem was serious and intractable.
Fianna Fáil Transport Spokesperson Timmy Dooley has called on the Department of Enterprise to investigate whether a different course of action could have been taken.
Speaking on RTÉ's Today with Pat Kenny programme, Mr Dooley said Minister for Jobs Richard Bruton should review the action taken to see whether every effort was made to protect the workers and their jobs.
The Fianna Fáil TD met workers in Cork last night.
