Directors of William Verry have opted to put the company into voluntary administration.
The company has filed a notice of intention to go into administration with the High Court, meaning it will go into administration on Thursday if administrators are appointed.
BDO Stoy Hayward is understood to have been lined up to take on the job. The accountancy firm has declined to comment.
Verry is on a number of high profile jobs including two BSF schools in Kent and on another BSF contract in Hackney, north-east London, and has an annual turnover of some £120 million.
The company has had a series of county court judgements against it in the last month. One, registered on 16 April, was worth £60,000 ,and another on 23 April was worth £27,000.
Martin Williams, managing director of credit agency Graydon, said he had witnessed a flurry of interest in the company’s credit position. He added that the evidence suggested that something “would have to give”.
The notice of intention to file for administration was lodged with the courts on 16 April, and will run out on Thursday. If administrators are appointed, Verry would almost certainly be the most high-profile construction casualty of the recession so far.
The London-based company was established in 1832 at offices and workshops in Seething Lane in the City of London.
The company was uncontactable for comment.