More than 100 jobs have been lost at Scottish civil engineer Highland Quality Construction after KPMG moved in as receiver this week.
KPMG is currently trying to find a buyer for the business which was one of the biggest contractors in the Highlands with a turnover of £20m.
The receivers blamed the firm’s demise on bad debts and new work drying-up.
Trade contractors and suppliers in the area owed cash by HQC had been in the dark about the firm’s fate for days.
A security firm had been guarding the firm’s offices in Inverness and logos were stripped from its machines.
One local supplier told the Enquirer: “At least we know it’s in receivership now and who the receiver is.
“But that’s pretty cold comfort really. We will get the usual pennies in the pound for money they owe us.”
Another creditor Jeremy Taylor, owner of Tracked Dumper Hire UK, said he had been chasing HQC for £36,000 in unpaid invoices for months.
He told the Enquirer: “I resorted to legal action and was in the Sheriff’s Court on Tuesday when I heard HQC may have gone down.
“I got round to their offices and found people removing signs and security guards protecting plant.”
He added: “This is the third firm owing us money to fail this year. I’ve probably lost around £150,000 to bad debt.”
Neil Armour, associate partner at KPMG, said: “The company has ceased trading. The business was winding down before we were appointed.
“The large majority of employees have regrettably been made redundant.
“There are significant sums that the company claims have not been paid to them.
“I would encourage any interested parties to get in touch with us.
“Separate from that, our duty is to collect as much money as possible from the company assets and pay it out among the creditors.”