The collapse is the second serious hammer blow to Inverness in as many weeks after plant hirer DuBye went to the wall. Coincidently both firms were based in the same street.
Before that 70 staff were made redundant when Highland Quality Construction went down and a further 300 were put out of work when Rok closed its Inverness base.
Ace carried out plumbing, joinery and electrical work and was working on contracts with Highland Council and a bathroom showroom.
The firm is understood to have run into financial problems after the collapse of an important contract.
Owners Chris and Gail Surtees built the business up from premises above a garage more than 30 years ago.