Nua yesterday passed into the hands of receiver Mr David Hughes of Ernst & Young.
In a statement, the Internet publishing firm said technology sector weakness, particularly in the US, contributed to the difficulties.
Eircom subsidiary Irish Telecommunications Investments appointed the receiver at the request of Nua's directors.
It follows weeks of speculation regarding the future of the firm founded and headed by Mr Gerry McGovern.
Mr McGovern spent the past two weeks talking to potential investors in a last ditch effort to save the firm.
Eircom, with a 20 per cent stake in Nua, had previously decided not to fund the group following a review of its multimedia subsidiaries.
Last night, Mr McGovern said "realistically" there was little hope the staff would be re-employed following this process. Some 35 people at the company did not receive their wages for the current month.
In a statement yesterday, Mr McGovern thanked staff for their dedication. Nua may owe up to £700,000 to creditors, including Eircom and the Revenue Commissioners.
