Receivers have been called into Neil Grinnall Homes - the housebuilder which pioneered the concept of urban living in Worcestershire.
The Birmingham office of accountants Moore Stephens has been called in to administer the company which only last month won an award for one of its developments.
The housebuilding company - which is understood to be still trading normally - won the city apartments category in this year's Birmingham Post & Mail House Design Awards with the K1 apartments in the former Kay's Catalogue office building in The Tything, Worcester.
The 24 apartments within K1, which cost up to #250,000, are one of two schemes in the city currently being undertaken by Grinalls.
The company is also working on the K2 scheme of new build apartments and town houses with prices up to #315,000.
There are 14 units left to sell including the five large town houses.
The extent of the company's debts have yet to be established.
But estate agents Knight Frank said it remained "business as usual" with their sales staff still manning both developments.
Contractors are still on site as there are apartments to be finished, now employed by the receivers.
James Wilson, associate partner with the new homes department of Knight Frank, said that the agency was owed "a lot" by Neil Grinnall Homes, with fees for the recent spate of autumn sales.
He said: "We have lost one client and gained another. Whatever has happened to the company, the product is still there and it is good. Last month, he was receiving an award for K1 - then three weeks later this happens.
"It's a shame. He's a larger than life character and has done a lot for Worcester in terms of development. I am sure he will bounce back."
Moore Stephens declined to comment on the matter last night.