Bashar Issa's contract business, BS Construction has been placed into administration with KPMG after creditors called in their debts.
KPMG's David Costley-Wood and Richard Fleming are the appointed joint administrators and are marketing the contractor for sale.
The assets for sale include Issa's only completed scheme, the 84 apartments of Issa Quay on Dale Street in Manchester.
A statement from KPMG said: "For the avoidance of doubt, the administration relates to BS Construction Limited and no other companies within the BSC Group," said KPMG in a statement.
Barclays Bank, which funded Issa Quay, declined to confirm whether it had called in the administrators.
Issa's other Manchester schemes include Canopus in Salford's Greengate area and Sarah Tower, off Dale Street.