The Colchester builder was established 75 years ago and worked on design and build and traditional jobs worth up to £5m.
The family builder, which employed around 25 staff, was bought by Brentwood based civil engineering contractor S Walsh and Sons four years ago.
Hills also had a joinery business, which ran an apprenticeship training scheme, and worked on restoration projects for English Heritage.
Essex accountant FRP Advisory is handling the administration.