Executives from Dan Morrisey Ireland Limited are to make an attempt in the High Court tomorrow to have the company placed in examinership, rather than receivership to allow the company space to deal with its difficulties.
Receivers Grant Thornton closed down the company's operations and took possession of all the assets earlier today.
Dan Morrissey, which is a family run business, employs 160 people at its four sites three of which are in Co Carlow and one in Rathdrum Co Wicklow.
The company produces quarry and concrete products and was set up in the 1930s.
In a statement tonight Grant Thornton said the company had ceased to trade with immediate effect and their staff are preparing employee entitlements for submission to the Department of Social Protection.
The High Court action is due to take place tomorrow afternoon.