Around 100 workers at Antrim construction firm Mivan have been made redundant after the company entered administration last week.
The staff cuts amount to around a third of the total workforce.
A spokesman for administrators Deloitte confirmed that 98 posts had gone.
The remaining employees will stay in post while Deloitte explores a potential sale of the business.
Merger talks at Antrim-based Mivan failed to reach agreement amid intense competition in the global market for specialist fit out and building contracts.
Outfitting the Scottish Parliament at Holyrood and refurbishing the luxury QE2 liner are among prestigious projects the company has been involved in.
Mivan No.1 Ltd employs 289 people and is the main trading company created from a restructuring of the group in 2012.
The firm holds a Queen's award for exports and has twice been named UK Construction Firm of the Year.
The company was founded in 1975 by Dr McCabrey while he was still an engineering student at Queen's University Belfast.
Administrator Peter Allen, of Deloitte, said: "While we hope to achieve a potential sale of the business, we are reviewing trading on a daily basis and this includes the employment situation.
"Where customers can no longer continue with contracts, the jobs associated with these contracts have, unfortunately, been lost.
"We would like to thank the Company's employees for their support and professionalism during this time."