Does this apply to foreign companies? I’ve never heard of such a thing.

If it was a domestic company, of course, assets could just be seized to pay the fine plus whatever non payment penalty. Is there a criminal charge after asset seizure? Or does this just never happen because there is no incentive to do it domestically?

Not a lawyer, but shutting down a subsidiary to avoid overwhelming fines is de facto messing with the insolvency laws, isn't it? At least in Germany that is a criminal offense for which the executives of the (parent) company are ultimately liable.

Plus, Meta actually is a domestic company in the E.U. They handle all their E.U. business through an Irish subsidiary (which is why the Irish data protection agency is responsible for all of this) and they also have subsidiaries to manage political and customer relations in many other E.U. countries, as well as presumably data centers, etc. Removing all of this would be a big project and would give government agencies plenty of time to seize assets. These assets could also include non-tangibles, i.e. the .de/.fr domains for their websites.