It's always a shame when companies go into liquidation, and with the growth in online sales this may be even more surprising and unexpected.
The big problem with CityLink as I see it is they never seemed to update their practises. They did not offer a timed delivery (as DHL and Interlink), they did not make arrangements with any partners with premises for local drop offs and collections (ala UPS and Hermes) and their prices were just too high compared with many of the other delivery firms, and non of this addresses their other issues with late deliveries or damaged or lost parcels (there was a reason they were nicknamed ShittyLink).
Feel sad for their Admin Staff and Drivers, especially at this time of the year, but I suspect that many will be swallowed up by some of the other major players out there.