Thirty-five jobs in Cork are being axed today, with the closure of the Vita Cortex plant.
NAMA froze the assets of the foam manufacturer and efforts to have €1.2m released to cover redundancy pay for staff proved fruitless.
A local SIPTU representative said it was unfair that the workers - who have almost 900 years of service between them - would leave empty-handed.
"It's proved an awful shock that months of discussion between the AIB, Jack Ronan the owner and NAMA, our members are the innocent victims in what was a most callous, ruthless action by other people," the representative said.
Vita Cortex manufactures flexible polyether foams, polyester fibre fillings and aircraft seating products.