The move is a bitter blow for the management team which picked up several big contracts at the start of the year.
This included work from Carillion, Mansell, Bourne Parking and Miller Construction on six new schools in the South and North West of England, a waste recycling plant in Leicestershire, a multi-storey car park in East London, and a commercial development in Edinburgh.
Bone boasts a long history and supplied much of the steelwork for Mulberry Harbours used in the D-Day Landings
The constructional steelwork sector was seriously hit by the downturn and has suffered from systematic below cost bidding. Wishaw-based Bone also has offices in Dubai and Bahrain.
At the end of last year Bone axed more than 40 staff to reduce costs.