Blair Nimmo and Alistair McAlinden of KPMG LLP are now in charge of the Cowdenbeath-based company which has been trading since 1974.
Rippin operates across Scotland and the north of England providing materials to the UK construction industry.
In recent months Rippin had experienced cash flow difficulties due to a significant downturn in orders, as well as customers withholding payment as a result of contractual disputes.
The Joint Administrators are now working through a wind down of the company’s operations as they seek offers for the principal assets comprising stock and plant equipment.
Blair Nimmo, Joint Administrator and KPMG’s Head of Restructuring, said: “In light of challenging trading conditions and significant cash flow difficulties, Rippin was unable to continue trading.
“This, unfortunately, resulted in the redundancies which have been announced today.
“We will be working with all affected employees and the relevant government agencies to ensure the full range of support is available.
“We will also be exploring the possibility of securing a sale of the company’s assets and would encourage any interested parties to contact us as soon as possible.”