Three huge developments across the North West have been placed into administration by the Elliot Group.
Both the Infinity towers project and Aura in Liverpool and the Residence in Manchester are now under threat after Elliot Lawless made the announcement on Friday.
Founder and developer Mr Lawless said the move came because of funding problems "brought about by allegations of fraud and corruption" against him.
He denies all of the allegations, and said on Friday "there is no evidence to substantiate them".
Paul Cooper and David Rubin of David Rubin & Partners based in London have been brought in to assist Elliot Group’s efforts to "protect the existing investors and creditors" of the three companies going into administration.
He said: “We’ve explored every option available, but in light of the investigation, existing investors were cautious about backing the projects to their conclusion.
“As we enter the administration process, we’ll continue to work proactively with investors to explore how we can help them crystallise their investments and get the projects completed.
"They’re good schemes in great locations and I want to see them through. We’ve delivered 100% of all our schemes in the past and I am intent on maintaining that track record."
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Mr Lawless said administration grants a company a period of grace whilst solutions to its problems are found.
He added that his focus is now on working with the administrator "to keep the three projects alive".
He said: “It has been a challenge for me dealing with the police investigation, but it’s nothing compared to the fact that hundreds of great workers have lost their jobs and investors’ funds are at risk.”
Paul Cooper and David Rubin acting as Joint Administrators will personally handle the administration.
Work has now ceased on all three sites.
Aura site in Islington was set to house 1,000 student accommodation units behind the Royal Liverpool Hospital - before .
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The £250m Infinity towers project was set to be a landmark development on Leeds Street centred around three huge buildings set to soar to 27, 33 and 38 storeys high.
The Residence was set to see two luxury towers built in Salford, Manchester, in what was a £70m investment.
Both the group's owner Elliot Lawless and council regeneration chief Nick Kavanagh on suspicion of fraud.
Mr Kavanagh was arrested on suspicion of conspiracy to defraud and misconduct in a public office back in December with Mr Lawless, one of the city's leading property developers, also arrested on suspicion of conspiracy to defraud, bribery and corruption.
Mr Lawless denies all allegations against him, while Mr Kavanagh has not spoken publicly since his arrest.
Neither Mr Lawless nor the council official have been charged with any offence, with both subject to a continuing investigation by .
Contractor Vermont has also issued a statement following the news being released today, in which the firm said it had withdrawn from negotiations over a "solution" being found.
Last week, it was revealed that Various Elliot Group projects could be taken over and completed by other firms after talks began with "several" developers.
But a spokesman for Vermont said on Friday: “We have engaged with Elliot Group and their investors directly for over a month now, in an attempt to find a solution to enable the works to recommence on the Aura scheme in Liverpool.
"We believed there was a solution that would have seen the development successfully through to practical completion, however this needed the agreement and endorsement of all parties under a revised and transparent funding structure.
"Regrettably, we were unable to able to agree terms and the necessary security provisions with Elliot Group in respect of Aura and have had no alternative but to withdraw from these discussions.
“The Vermont team are extremely disappointed at this outcome, however we remain committed to assisting all parties in exploring how this project can be completed in due course.”