The firm’s assets were sold to St Helens-based Mason Lord, a firm jointly owned by John Mason and former Paragon managing director Paul Barrow.
The deal means that 30 of the 40 staff at Paragon Construction will be retained by the new company with the remaining made redundant.
A Paragon creditor told the Enquirer: “The rumour doing the rounds is the assets were bought for £60,000.”
The directors of Paragon Construction first sought advice from RSM Restructuring Advisory in January as a result of the company’s deteriorating financial position. Paragon was finally placed into administration earlier this month.
Lindsey Cooper, RSM Restructuring Advisory partner and one of the Joint Administrators, said: “We are pleased that the sale of the company to Mason Lord has resulted in 30 jobs being secured.
“We considered a number of options including trading the business in administration while a buyer was sought, but concluded that the practicalities and costs of doing so would be prohibitive.
“After marketing the business, we determined that a pre-packaged sale to Mason Lord Limited would be in the best interests of creditors.”