Minjara ltd, the company that published glossy VIP Magazine has called a creditors meeting where a liquidator is set to be appointed next month.
The magazine itself will continue to be published. It had been published under a licencing agreement and is understood not to be directly affected by the process.
It is understood the title had been published by Minjara ltd under a licensing agreement for the past 15 years, but the company has recently lost those rights.
The directors of Minjara ltd are Michael O'Doherty and Sarah O'Doherty, according to papers filed with the Companies Registration Office (CRO).
Yesterday Michael O'Doherty told the Irish Independent that he was in the process of communicating with staff and suppliers of Minjara and said that he did not wish to discuss the situation with the media before that had been completed.
The licence to publish VIP Magazine had been removed from Minjara ltd in August, he said.
The company has written to suppliers in recent days advising them that a creditors meeting will be held on October 10 at the Pearse Hotel, Pearse Street in Dublin, with the purpose of voting on a Creditors' Voluntary Liquidation, the most common form of insolvent liquidation.
At that stage a liquidator is likely to be appointed to take control of the remaining assets of the business and assess outstanding bills for payments owed.
Documents filed with the CRO show that Michael O'Doherty and Sarah O'Doherty are listed as directors of a number of companies, including VIP Publishing a new company that was registered in August this year.