The Enquirer understands that staff have been told to stay at home amid fears that aggrieved subcontractors will visit sites and offices demanding payment.
The firm’s 500 staff were told that a rescue by a rival contractor was close last week as Midas battled cash-flow problems.
But workers were stunned when directors filed a notice of intention to appoint an administrator on Friday afternoon.
That led to a mass exodus as swathes of staff were let go and employees started the hunt for new roles despite a public show of defiance from Midas bosses.
They said: “This does not mean that Midas has entered into administration and the company continues to operate, while the Directors work to explore all available options to achieve the best outcome for the business and our people, our customers, supply chain partners and all our stakeholders.
“Midas is committed to pursuing an outcome that will achieve continuity for our live contracts and asks all our valued stakeholders to remain supportive of the Group at this time.”
One source said: “Most staff are gutted and are looking for alternative employment. Bosses also told any freelance staff that they would not be paid and to look for work elsewhere while subcontractors are owed a fortune.”