The Midlands based contractor is now in the hands of administrators from Leonard Curtis Business Rescue & Recovery.
The joint administrators are now seeking offers for the business in order to preserve jobs and maximise the return to creditors.
It is understood that the company employs in excess of 90 people.
The Enquirer reported earlier this week that the company was facing a fight for survival as staff and subcontractors went unpaid.
Chairman Alan Hardy is also owner of League Two football club Notts County.
Any parties with an interest in the company’s business or assets should email [email protected].
Paragon Interiors is not related to Interserve company Paragon which continues to trade well.