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Construction group Carillion gone into compulsory liquidation and expects PricewaterhouseCoopers to be appointed as special managers, to act on behalf of the Official Receiver.
Carillion said it had talks with its key financial and other stakeholders, including the Government, at the weekend regarding options to reduce debt and strengthen the group's balance sheet.
Carillion also asked those stakeholders for limited short term financial support, to enable it to continue to trade while longer term engagement continued.
But it said that despite considerable efforts, those discussions had not been successful, and the board had concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect.
It said an application was made to the High Court for a compulsory liquidation of Carillion before opening of business today and an order has been granted to appoint the Official Receiver as the liquidator of Carillion.
The group said it anticipated that the Official Receiver would make an application to the High Court for PricewaterhouseCoopers LLP to be appointed as special managers, to act on behalf of the Official Receiver.
Chairman Philip Green said: 'This is a very sad day for Carillion, for our colleagues, suppliers and customers that we have been proud to serve over many years.
'Over recent months huge efforts have been made to restructure Carillion to deliver its sustainable future and the Board is very grateful for the huge efforts made by Keith Cochrane, our executive team and many others who have worked tirelessly over this period.
'In recent days however we have been unable to secure the funding to support our business plan and it is therefore with the deepest regret that we have arrived at this decision.
'We understand that HM Government will be providing the necessary funding required by the Official Receiver to maintain the public services carried on by Carillion staff, subcontractors and suppliers.'