Demolition company Masterton will put a plan to creditors this week to deal with its financial problems.
Construction News understands that the Grangemouth-based firm will send its creditors proposals for a company voluntary arrangement this week. It will hold a meeting with them to vote on the plans at the end of the month.
A company voluntary arrangement allows a firm facing insolvency to agree a deal with its creditors to repay all or part of its debts in order to continue to trading.
In recent years Masterton opened a regional office in Leeds and expanded internationally. Its 2012 accounts show its turnover grew from £9m to £13m in the year while pre-tax profits rose from £810,666 to £1.2m.
Its notable projects include demolition of an explosives plant at BAE Systems in Bridgewater and the Ciba chemical plant in Manchester.
The company is owned by Blackwell.