The Courier says PwC has confirmed the appointment of Graham Frost and Bruce Cartwright as joint administrators.
The statement, revealed by the newspaper, said the Glenrothes-based house builder currently holds land with planning permission for development in Fife and Clackmannanshire.
But at the time administrators were appointed, the business had only one completed house, in Lochgelly, for sale.
Mr Frost said: "The directors have reduced the scale of the business in recent years to the extent that there are no employees and almost no construction activity being undertaken at present.
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"Over the coming days we will review the position of the land bank with a view to realising value for creditors."
Fife Council took action last week to retrieve an outstanding debt of almost half a million pounds from Lomond Homes, but said it had not called for the company to be put into administration.
Eileen Rowand, head of revenue and exchequer services at Fife Council, said: "The council has a statutory responsibility to protect public money and we will have to await the outcome of the administration to see what payment we will receive.
"We have been in touch with PwC to confirm our interest."
Fife Council’s spokesperson for business, education, enterprise and planning, Councillor Kay Carrington, added: "It is always sad to hear about any company going into administration."
Lomond Homes was established in 1993 and was part of the wider Lomond Group.
(IT)
