Hi Wizard
Insolvency is different for a trading company than for a deposit taker.
Berehaven's members had €10m in savings. It probably did not have enough assets to pay all these savers if they wanted to withdraw the money.
So the CB was absolutely correct to shut down Berehaven to protect the savers ( and the taxpayer who effectively guarantees them)
However, the liquidation was the wrong approach. The board of Berehaven should have understood this 5 years ago and should have repaid all their members' savings under their own steam. Then there would have been no need for the expense or disruption of a liquidation.
But the CUs refuse to take any advice or direction from anyone. So maybe the CB had no option other than appointing a liquidator.