Wilmslow-based Millennium Estates has been put into administration by its directors.
The residential developer is mostly owned by David Hughes who also owns sportswear chain Allsport.
Millennium Estates portfolio of property includes the 201-apartment Alexandra Tower in Prince's Dock, Liverpool, and the 121-apartment Millennium Tower in Salford Quays, Manchester.
Zolfo Cooper has been appointed as administrator, while Royal Bank of Scotland and Barclays bank are listed as creditors according to documents made available on Companies House.
The regional residential developer has been seriously hit by the economic downturn with buy-to-let investors struggling to secure debt for their investments.
It is thought that a number of investors had failed to complete on purchases in Manchester with the apartments subsequently being let.
The £35m, 42-storey Alexandra Tower was next to City Lofts' 162-apartment Prince's Dock scheme.
The City Lofts development was one of those placed into Law of Property Act receivership last summer before the company went into administration.
In Millennium's accounts for the year ending 31 March 2007 the company reported a pre-tax loss of £1.3m and net assets of £28.7m.