The demise of Faulkner Export Packaging, which has been run by five generations of the same family since its foundation 150 years ago, is a salient reminder that the world has changed utterly in recent years for many small businesses.

The business was chaired by Peter Faulkner, who famously led a walkout of companies from the Ibec-affiliated Small Firms Association to form Isme, the Irish Small and Med- ium Enterprises Association.

Tom Murray of accountancy firm Friel Stafford has been appointed liquidator, according to documents filed this week in the Companies Registration Office.

According to its latest accounts, which are for 2012, the business was solvent, although it had loans of more than €3 million.

The accounts also state that its land and buildings had not been written down in value as per accounting rules, and that similar lands nearby were worth far less following the property crash.

The directors added a note to say that there was no point in writing down the value of Faulkner’s property assets – which would have blown a big hole in its balance sheet – because it had no intention of selling them.

Sadly, that’ll be the liquidator’s job now.