Administrators Leonard Curtis have been appointed to take over Liverpool-based developer Middle England Developments.
The company, founded in 2007 by Nigel Russell, was wound up by HM Revenue & Customs in September, with debts reportedly topping £3m.
In 2011, the company bought a derelict church on Rodney Street for £1 and began its conversion into student flats, which is ongoing.
Earlier this year, the developer completed the conversion of a former Merseytravel office, the Richmond Building at 24 Hatton Garden in Liverpool city centre into an apart-hotel.
Russell is understood to have offered creditors 45p in the pound for their debts in a deal before the administrators were appointed.
Russell was convicted in the mid-2000s and served time in a federal jail in the US for passport fraud, tax evasion and owning a firearm without a licence, before being deported.