Ritchie Brothers (Scotland) is in liquidation after a downturn in trading coupled with a dispute over a public sector contract.
The family business, which had been operating since 1948, was based at Seafield in West Lothian.
Interim liquidator Donald McNaught of Johnston Carmichael in Glasgow said: "The economic downturn has been affecting business generally and the company also had a dispute on a major public sector contract. As liquidator I will be revisiting that and will be trying to negotiate a settlement with that debtor.
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"We are still gathering information but I would like to think the creditors will receive a good sum of money back but it is dependent on how much we can recover from these contract collections."
Meanwhile, the partnership of James Scott Builders & Company has been declared bankrupt.
The Newton Stewart-based company controlled a portfolio of 67 residential and commercial properties from which it took around £264,000 of annual rental income.
But it was left facing a claim of more than £800,000 after a long-running dispute over building work on a retirement home in South Ayrshire.
Matt Henderson from Johnston Carmichael has been appointed to liquidate the assets of the business.
Its property portfolio failed to find a buyer despite being on the market for several months.
Mr Henderson said this was "an indicator of how hard things have been in the construction and property development sectors".
(NE)
