The Enquirer understands the firm is talking to suppliers to strike a deal to keep the business going.
A CVA protects firms from legal action by creditors in return for a structured payment of part of their debts.
Sources close to the company confirmed that the CVA process is underway and a meeting of creditors to vote on the deal will be held next month.
Masterton was set up in 1979 and is a subsidiary of the Blackwell group.
The firm was shortlisted in the 2014 Construction News awards where the judges highlighted a “year of growth for the company”.
