The Shetland based company was placed in the hands of administrators KPMG on Tuesday when it ceased trading.
A skeleton staff of nine is now assisting KPMG with existing contracts and site maintenance.
MK Leslie specialised in plant hire, construction, civil engineering, pipeline construction, landfill development, and demolition services.
Joint administrator and KPMG’s head of restructuring in Scotland, Blair Nimmo said: “MK Leslie is a well known firm with a strong reputation in Shetland and the north of Scotland.
“However the company has suffered through continued economic challenges and was directly affected when a number of its customers went out of business.
“Unfortunately on our appointment we had no option but to make a number of immediate redundancies.
“We will be working with all affected staff to help them find the support they need to find new employment and thank all involved for their co-operation in this difficult time.
” The joint administrators are taking all steps to identify parties that may have an interest in the businesses.”
The company had a 60-strong plant fleet and had been in business since 1983.
MK Leslie has worked for string of main contractors including Balfour Beatty, Robertson and RJ McLeod.