Lastest filed accounts for 2018 revealed the firm suffered a £62,000 loss on revenue of around £34m. The firm them employed around 160 staff.
Insiders told the Enquirer that the firm suffered deeper losses thought to be up to £5m more recently after being hit by a failure of a key subcontractor.
Under the voluntary liquidation application creditors have been given until January 13 to request a meeting or contact the liquidator DFW.
The family-owned firm was founded 56 years ago by Arthur Broadley as a small family decorating business.
In 2016, Leeds-based developer Naveen Ahmed bought a 50% stake in the firm through his Parklane Group with whom it had worked with for almost 20 years.
Since then the firm mainly delivered Parklane projects across the north, including its Roomzzz brand.