Administrators from insolvency specialist Begbies Traynor were called in last Friday to take control of Deejak Construction, Deejak Builders (Rushden) and Rushden Builders Merchant.
Up to 80 staff have lost their jobs with a handful being kept on to help with finalisation of accounts.
Deejak chairman 69-year-old Derek Titmuss established the business in 1972, which grew to undertake projects of up to £8m in size.
Administrators are also looking to novate a handful of ongoing contracts, including a £1.3m sports complex for Duston council.
Deejak Properties, which has substantial interests in the Rushden area, is unaffected and continues to trade.
Joint administrator John Kelly said that Deejak had failed because of lack of work and difficulty getting paid.