A receiver has been appointed to waste collection services Greenstar which directly employs 830 people.
The receiver David Carson of Deloitte was appointed at Greenstar's request after the banks demanded immediate repayment of the loans.
The company is headquartered in Ballyogan and provides waste collection services in Dublin, Wicklow, Sligo, Limerick, Cork, Kilkenny and Wexford.
The board of directors has confirmed the company owed just under €84m to a consortium of seven banks.
The banks include Bank of Ireland, AIB, Ulster, HSBC, Barclays, Rabobank and Bank of Scotland.
The company's board said it was disappointed at the unexpected move taken by Greenstar's banking lenders at this time "to demand immediate repayment of all Greenstar facilities without any prior indication or notice."
It said the business had not missed any scheduled repayments to its banks and was in a strong cash position to continue trading for the foreseeable future.
However it said it did recognise that further investment in the group was required.
Greenstar has been working over the past 12 months to find fresh investment.
NTR, the parent company of Greenstar, also issued a statement saying it noted the appointment and that the banks have made their own decision on how they want to move forward.
According to Greenstar's website, the company serves 15,000 commercial customers, and over 80,000 households.
The receiver has said "it will run the business as a going concern with a view to effecting a trade sale."
In a statement it said that a number of parties have expressed interest.
It confirmed that all waste collections at commercial and residential customers' premises will continue as normal.