Deloitte has been appointed as the administrator for Jarvis and is now looking for buyers for the rail contractor.
Jarvis revealed yesterday it was calling in administrators following a plunge in rail and plant work.
About 2,000 jobs are now under threat at the York-based contractor, which is chaired by former Conservative minister Steven Norris.
Nick Edwards, Neville Kahn, Phil Bowers and Ian Brown, who are partners at Deloitte, have today been appointed as joint administrators of Jarvis Plc and its subsidiary Jarvis Accommodation Services following an application to court by the directors.
The administrators are now in the process of performing a rapid assessment of the financial position of the Companies, and commencing discussions with key stakeholders in order to formulate a strategy to stabilise the business.
Mr Edwards said: “Unfortunately, Jarvis Plc reached a position where a substantial funding gap meant they were unable to continue trading.
“Our immediate priority will be to work with stakeholders to stabilise the business while we identify which parts of the business we can continue to trade and seek buyers for as going concerns.”