Staff found out the bad news on Friday when Blair Nimmo and Geoff Jacobs of KPMG LLP took control of the company.
The administrators blamed challenging trading conditions and “disputes and delays in payment for a number of significant projects.”
They have kept on 55 of the firm’s 429 employees to realise the company’s assets, including four freehold properties, numerous contracts, an extensive order book and construction equipment.
Blair Nimmo, global head of restructuring for KPMG and joint administrator, said: “McGill & Co Limited is a well-known, long established business and provides a significant source of employment, particularly in Dundee both directly and through the supply chain.
“Disappointingly, market conditions and contract related disputes have required the business to cease trading.
“We will do everything we can to seek a buyer who may be able to protect some of the business and maximise recoveries for creditors.
“We would encourage any party who has an interest in acquiring any part of the business and its assets to contact us as soon as possible.
“We will be working with employees and have already initiated matters with relevant government agencies to ensure the full range of support is available to all those affected.”
McGill was established in 1981 as an M&E specialist in the residential, commercial and industrial sectors.
Latest results filed at Companies House for the year to September 30 2017 show McGill made a pre-tax profit of £772,000 from a turnover of £41.8m.