All 60 staff at the dry lining contractor have been made redundant.
GT Contracts had a turnover of around £3m and had traded for 27 years.
Gordon Goldie and Alan Kelly of Tait Walker Advisor Services have been appointed as joint administrators.
Goldie said: “The firm had been successful for a number of years, but an accumulation of issues eventually led to its unfortunate demise.
“The level of losses being incurred meant the company wasn’t sustainable and consequently we have had to take the decision to cease trading with immediate effect.
“We will attempt to either assign or novate a number of the current contracts if we are able to find any other construction business that is willing to take them on.”