The Gloucestershire based contractor is now in the hands of administrators at Harrisons.
Latest accounts for Ilec filed at Companies House show that in the year to March 31 2019 the business made a pre-tax profit of £232,395 down from £522,654 last time as turnover fell sharply to £7.6m from £16.7m.
Ilec specialised in the installation of M&E services in high rise mixed-use developments.
Accounts show the company employed 44 people.
One supplier said: “A lot of firms are owed a lot of money and are very upset at the moment.”