Partners from insolvency specialist CVR Global will be the administrators of manufacturer of structural insulated panels, Sip Frames.
The partners appointed for the administration are Elias Paourou and David Oprey.
The administrators have confirmed that there are parties interested in buying the business. We are in talks with parties who are interested in buying the business and will be updating creditors in due course, said Paourou.
Sips Frames UK traded as Sips Eco Panels and all 40 staff have been made redundant.
The company produced SIPs, which are structural frames made from two parallel layers of structure and a layer of insulation, for the construction industry. Sips Eco Panels had a factory in Glenrothes, Fife and a head office in Sudbury.
Paourou added: Our appointment has come as a result of the company running up substantial losses which has led to contracts not being fulfilled. We are in the process of carrying out a full review of the companyâs affairs, but unfortunately the company has ceased trading.