A total of 77 employees have been made redundant at Paisley-based Lambert Contracts.
The company, which also has an office in Aberdeen, employed 85 people.
It had a turnover of £14.7 million in the last financial year.
Any remaining employees are being held on to during the “wind-down” of the business, which was founded in 1985.
Head of Recovery Derek Forsyth said: “Lambert Contracts is a well-known name in Scotland’s construction sector with an excellent reputation for the quality of its client base and projects.
“Although the company has a large turnover, it had been suffering from cash flow problems – and despite best efforts to raise additional funding, administration was the only option.
“Unfortunately, 77 staff have been made redundant with immediate effect, with the balance of eight staff being retained in the short term to assist with the wind-down of the business.
“We will do our utmost to provide as much support as we can to the employees.
“We will also be looking to sell any assets to generate value for creditors and would urge interested parties to contact us as soon as possible.”
The firm was involved in building and construction work, specialising in insurance reinstatement and fire contracts, in addition to general property maintenance, installation and repair work.
Joint administrators, Mr Forsyth and Blair Milne, partners with Campbell Dallas, will now explore options for the company.
Yesterday’s announcement is the latest blow for Scotland’s construction sector following the collapse of two businesses and the loss of more than 300 jobs last week.
Crummock, which operated out of Bonnyrigg, brought in receivers after the firm suffered “cashflow difficulties”. As a result, 287 employees have been made redundant.
The company has contributed to an array of landmark developments, including the Donaldson’s School residential development in Edinburgh and Fort Kinnaird Retail Park.Matt Henderson and Donald McNaught, restructuring partners at Johnston Carmichael, have been appointed as joint receivers for a trio of companies that form Crummock.
Meanwhile, a provisional liquidator has been appointed to T Graham & Son (Builders), a contractor based in Langholm in Dumfries and Galloway, with the loss of almost 30 jobs.