Keith Hyam, chief executive of Lilley Construction, led a successful management buyout of the £44m-turnover contractor last July. But the subsidiary was forced to write off about £6m in debts owed by Sunley when it folded.
One of the administrators from Price Waterhouse Coopers, Bruce Cartwright, confirmed that he had received several serious expressions of interest in the firm.
He said: "A number of people have visited the site with a view to acquiring the running of the firm."
Cartwright added that he had contacted Lilley's major clients and asked to be given seven to 10 days to find a solution.
He stressed that Lilley's plight was the result of its parent company's demise. He said: "Lilley Construction has operated with a trading profit for many years and it is only these inherited problems that have caused these difficulties."
Lilley Construction is the second major Scottish contractor to fall into administration in the past year. In June last year, Melville Dundas called in the administrators with more than £50m of debts.