The County Antrim firm has been placed into administration this week following the public announcement of financial difficulties.
Administrator Tom Keenan of Keenan CF is overseeing the running of Patton Group.
The company could be broken up, continuing to run according its most profitable parts or sold off in sections.
The Patton Group currently employs 320 staff throughout the various elements of its construction work.
The number of job losses has not been announced but workers are estimating between 180 and 200.
The administrator said: "Following the company's recent trading difficulties, a number of the company's contracts were terminated by customers and the reduced level of activity in the business has directly impacted the level of staff required.
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"The administrator will continue to review employment in the context of workload and the financial condition of the company and will keep employees informed."
Patton chairman Neil Patton said: "The directors have looked at every possible option to avoid administration, but it became inevitable because of the general downturn in the building sector, pressure on margins and the resultant impact on cashflow."
He added: "Unfortunately, the company has suffered from the widespread downturn impacting the construction industry and, as a result, has experienced a decline in trading performance.
"The financial position facing the business was such that administration was the last remaining option available to the directors."
The news follows a warning from the company on Monday that it was facing financial difficulties.
Patton had been one of the companies in Northern Ireland fortunate enough to survive the economic downturn, which has hit the construction sector particularly bad across the UK and Ireland.
Last year it posted a loss of £7m.
Patton's has been in business for 100 years.
(IT/GK)
