The firm's 18 sites, including land in Greenlaw near Newton Mearns where Waitrose plans a store, will be sold to pay creditors. The company was previously involved in plans for a 40-storey tower in Glasgow, but the scheme was scrapped in 2008.
"Elphinstone has been affected by the reduction in construction activity, particularly residential. Demand for sites has dropped significantly with a consequent impact on land values," said Blair Nimmo of administrators KPMG. "While it has continued with applications and sales negotiations, transactions have taken longer to complete."