An east Belfast engineering company folded today with the loss of around 50 jobs.
Central Group Services, one of Northern Ireland's leading providers of mechanical and electrical services such as central heating and air conditioning installation and maintenance, also employed 20 people in the Irish Republic.
The company, established in 1994 and based in the Dee Street area, blamed the current recession for their downfall.
Staff had been called together and told of their redundancies 24 hours before the public announcement,
In a statement bosses said: "Due to the current economic conditions, the directors of Central Group Services Ltd have regrettably taken the decision, following legal and professional advice, to cease trading immediately and to commence the process of winding up the company as soon as is reasonably practicable."
It added: "Every action was taken by directors to mitigate this action in an attempt to preserve the employment of all staff."