Greenstar Holdings Ltd., a Dublin-based waste and recycling firm, has entered receivership due to a number of banks that have demanded immediate payment of loans made to the company. In the United Kingdom, a company enters receivership with the primary goal to both protect the company while developing a payment plan that creditors would agree to.

In a statement after entering receivership, Greenstar’s board said: “It is regrettable that they (banks) have chosen to take this action at this time in respect of a business that had not missed any scheduled repayments to its bans and was in a strong cash position to continue trading for the foreseeable future.”

With the company entering receivership, U.K.’s High Court named David Carson of Deloitte Ireland as Greenstar’s receiver.

According to a statement, Carson will run the business as a going concern with the goal of finding a company to acquire Greenstar.

“I have today commenced work as Greenstar’s Receiver, which I am now managing as a going concern with a view to a trade sale,” says Carson. “My initial priority is to engage with those who have already expressed an interest in acquiring the business of Greenstar and to identify other potential buyers. Business and residential customers have no action to take as a result of this announcement as all waste collections at commercial and residential customers’ premises continue as normal. Employees at Greenstar have been advised of the receivership and will continue to service customers throughout Ireland.”