Problems first emerged at the parent company McKean Group over a month ago, when two trading subsidiaries were placed in liquidation by its directors.
One of the firms was a well-known Scottish civil engineering contractor McKean & Company (Glasgow).
At the time the McKean Group and North West groundworks and concrete firm Mayfield looked to have escaped the woes of the Scottish civils contractor.
But last week cash flow problems escalated and Ernst and Young was called in to take control of the companies, axing around 80 staff.
The origins of the McKean group go back to just after the first World War. In recent times it counted Balfour Beatty, Norwest Holst, Sir Robert McAlpine and Bellway among its clients.
Just over two years ago, the founding family sold the £40m turnover contractor to David Noar and Mark Fallon, who had both been in senior roles at North West contractor Mayfield Construction, for a reported £1m.