Liverpool contractor Triangle Builders went into administration just weeks after managing director Alison Perry was awarded an OBE for services to the construction industry.
Perry recently stepped down as chair of the NFB after heading-up the organisation for a year.
Her firm is now in the hands of administrator Mazars and a creditors meeting was held last week.
Companies owed cash were upset that Perry had accepted the honour when her firm was on the verge of collapse.
One local supplier told the Liverpool Echo: “The firm owes to around 40 creditors, some of whom are sole traders.
“I would say our company has lost about £20,000 but some of them have lost up to £30,000.
“It grates to hear she’s been given and accepted an OBE when the company has been trading badly like this.”
A spokesman for the NFB said Perry stood down as chair because her time in office was up, and the move was not linked to the failure of her business.
Speaking after receiving her OBE, Perry said: “While I am honoured and privileged to have been chosen for this award, I could not have achieved anything without the team effort of the construction industry to pull together and work for the common good.
“I intend to continue to support fellow builders and contractors to maintain that voice. It’s an honour for me, for the industry and for the NFB.”