The Enquirer understands that former Lakesmere Group chairman Mark Davey is now in talks with Crossrail and its tier one contractors about finishing four station cladding jobs.
The name of the new business has not yet been revealed but Crossrail said it expected to make an announcement about novating the contracts shortly.
Davey, who began his construction career in the MOD, founded Lakesmere in 1993 following a management buy-out of its roofing and cladding division.
Lakesmere had been working on five station contracts. At Paddington, the Costain Skanska joint venture has opted to put in place their own arrangements to complete the work.
The works being undertaken by Lakesmere at Tottenham Court Road were nearing completion when the company entered into administration.
But there is still work to do at Liverpool Street, Whitechapel and Canary Wharf stations.
Paul Grammer, Crossrail commercial director, said: “Following the entry of Lakesmere into administration, Crossrail has been working closely with our tier 1 contractors to ensure that works previously subcontracted to Lakesmere on Crossrail are able to be completed.
“There are discussions with the administrators and tier 1 contractors for the existing Lakesmere contracts at Liverpool Street, Whitechapel, Tottenham Court Road and Canary Wharf stations to be novated to a new company.
“Arrangements are still being finalised but good progress has been made.”