The firm specialised in providing heavy earthmoving equipment and skilled operators from its Corby depot.
Founded in 2000, Lyndon Thomas started out as a groundworks contractor developing into a plant hire business.
Managing Director Lyndon Thomas confirmed the business had been placed into liquidation.
He said: “The industry has got major problems. Smaller companies don’t get any opportunities against the big boys in the industry now.
“The value of plant is down 40% on a year ago and hire rates are right down.”
He added that the firm’s problems were brought to a head by bad debts.
Recently the business was swamped with abusive phone calls and emails after one of its excavators on hire was filmed being used to demolish the 18th Century Crooked House pub in the West Midlands.
The famous pub had suffered fire damaged and local councillors had giving the all-clear to make the structure safe and remove debris.
But the digger, which was hired before the fire, was used to illegally demolish the pub.
After the story went viral, Lyndon said he had done nothing wrong and had simply hired out on a self-drive basis.
Leicester-based CBA Business Solutions is acting as the liquidator.