All 40 staff working for the long established roofing contractor, based at Shieldhall in Glasgow, have been laid off.
The firm built up a strong reputation in Scotland working for B&Q and industrial companies on big cladding jobs.
Administrators from KPMG are now running the contractor, which counted the cladding contract for Aggreko’s big Dumbarton manufacturing plant among its 14 jobs on the go in Scotland.
TM Devon had suffered from the combined impact of several large bad debts over the last few months and from the effects of the very poor weather over December and January.
Blair Nimmo of KPMG said: “The company’s considerable bad debts along with a very harsh winter caused significant cash flow pressure which ultimately led the directors to conclude that the company could no longer continue to trade.”
One creditor told the Enquirer: “They must have been turning over around £12m a year.
“It looks like there are a number of suppliers with large sums outstanding.”