The company that runs the USIT visa programme for students says it has appointed joint liquidators to it.
Kinlay Group Ltd says liquidators have also been appointed to the English Studio language school.
USIT specialises in international recruitment and work abroad programmes in the USA, Canada and Australia.
It says it has taken the decision with "great regret" as a result of the COVID-19 situation and having explored all other possible alternatives.
The group says it it had no option but to apply to the court to have a provisional liquidator appointed to these businesses.
The directors and management are supporting the joint liquidators, Kieran Wallace and Andrew O’Leary of KPMG.
A third business owned by Kinlay Group, Teach & Travel Group based in the UK, will continue to trade normally and is unaffected by this decision.
USIT employs 76 people across its head office in Dublin and regional offices in Cork, Galway and Limerick.
Staff have been informed of this decision.
The company adds: "The outcome for customers who have booked with USIT is uncertain but management will provide as much support as possible to help customers assess their options."
The English Studio, which employs 31 people in Ireland, closed its doors two weeks ago in compliance with coronavirus measures.
David Andrews, chairman of Kinlay Group, says: "Only a short few weeks ago both USIT and the English School were trading well and we had exciting plans for the future.
"But the tsunami of effects related to the COVID-19 pandemic have left us with no business whatsoever and no possibility of overcoming these challenges.
"We have working tirelessly for the last few weeks to find a solution to save these businesses and in that regard I wish to acknowledge the support of our bankers, Ulster Bank Limited.
"I and my fellow directors greatly regret having to take this step, but unfortunately, it was the only possible option at this time."
Elaine Russell, CEO of USIT, added: "This is a very difficult day for our talented and passionate teams all of whom work so hard to create great experiences for our customers.
"The team and I are truly devasted at the impact this closure will have on all our customers who were either looking forward to trips they had booked for later this year with USIT or learning English with us at the English Studio."