Elliott has been facing financial problems for months and was the subject of a string of winding-up petitions.

Olympic Delivery Authority bosses were hoping Elliott would stay afloat long enough to complete its £30m contract which is due for completion in August.

But administrators were appointed in Ireland yesterday and the site gates in Stratford locked this morning.

The ODA is now in talks with Village developer Lend Lease to get the 250 strong Elliott team back on site.

An ODA statement said: “With the contractor P Elliott entering receivership last night, its construction plot in the Olympic Village site is now in the hands of the receivers and work has temporarily stopped on this specific plot only.

“As a matter of priority we are working with Lend Lease and the receivers to keep the workers affected briefed on the situation and to also discuss arrangements for the workers to resume work on site under alternative site management.

“This issue relates to only one of the 11 residential plots in the Village – construction work across the wider Village site remains unaffected and firmly on track.”