Administrators Steven Stokes and Geoff Rowley of specialist insolvency firm FRP Advisory are working to novate contracts to pay off some of the debts.
Rapide Dry Lining operated from various sites across the UK working on specific contracts to supply the installation of ceilings, internal walls and flooring in commercial properties. The company directly employed five members of staff, together with around 50 subcontractors.
Mr Stokes said: "Historically unprofitable contracts and delays in payments from current contractors, had severely affected Rapide Dry Lining Limited's cashflow.
"Management had begun attempts to downsize and restructure the business, however, due to a lack of cash and increased creditor pressure, the firm was unable to continue trading. Sadly, all of Rapide Dry Lining Limited's employees will be made redundant.
"We are continuing attempts to novate on-going contracts to alternative sub-contractors in an attempt to support the debtors ledger and in turn recover as much value as possible for company's creditors."