It is the second time a Hewlett contracting business under managing director Alan Cooper has gone under.
The first business Hewlett Civil Engineering collapsed back in January 2013. Then Cooper and another director led a management buyout of assets from administrator BDO to set up Hewlett Construction.
The deal saved up to 300 jobs but left debts of around £11.6m with trade creditors.
In just over two years, the new contractor Hewlett Construction built up turnover to more than £40m and according to Cooper at the end of last year was forecast to deliver a profit of £1m in the year-ending March 2015.
The firm operated on the large Priors Hall Park housing development in Corby and for several house builders in the North, including a job for Miller Homes at the former Oakes Park School in Sheffield.
The company is understood to employ around 150 staff direct with the rest operating as self-employed workers. It operates from Leeds, Leamington Spa, Corby and Perth.
A source told the Enquirer the firm was placed into administration yesterday and work had stopped on several house building sites.
Workers are understood to have been sent home and are now waiting to hear from administrators about their fate.
Earlier this month commercial director Christopher Stacey and financial director John Spear resigned their directorships.
Hewlett Construction was also recently awarded a contract with the Ministry of Tourism in Oman for an external works package at the Al Bustan Palace Hotel in Muscat.