Accountant Johnston Carmichael is now in charge of the Fife based contractor which has been in business since 1971.
A former worker told Fife Today that all employees had gone on short-time working earlier this year and wages were cut by 10% in February.
The ex-employee said there had been administrators on the premises for about three days and, while staff knew the company “hadn’t been in great shape financially for a while”, it was thought they were there mainly to look through the books.
Around a dozen administrative staff were given the news earlier this month that they no longer had jobs and the firm’s on-site workforce informed the following day.