Insolvency professionals were appointed to RMJM Limited, RMJM Scotland and RMJM London after directors concluded the businesses could no longer continue to trade.
In a statement, RMJM Group, run by Sir Fraser Morrison and his son Peter, said there was "a deep sense of regret" over the move.
However, following their appointment, receivers from accountancy firm KPMG immediately completed a sale of the business and assets of each company to the newly formed RMJM Architecture.
RMJM Group, which worked on the Scottish Parliament, said the deal includes the contracts the subsidiaries were working on and preserves all 120 jobs in its UK operations.
Blair Nimmo, head of KPMG restructuring in Scotland, said: "The companies' businesses have been very severely impacted by the slowdown in the construction industry as a result of the worldwide recession.
"The sale of the businesses to RMJM Architecture will help facilitate continuation of the companies' current contracts, preserve the employment of some 120 people and achieve the maximum return for the companies' creditors."
RMJM Group said its subsidiaries in the Middle East, United States and Asia were unaffected by the restructuring.
Peter Morrison, who lives in New York, said: "The RMJM team around the world have shown tremendous resilience and loyalty in extremely challenging circumstances over the last number of years.
"The financial issues the business has faced are a direct impact of a brutal global recession and the well documented impact of this on the UK construction market.
"This restructuring is designed to support the clients, projects and the staff of RMJM's business in the UK."
The most recent accounts for RMJM Limited cover the 12 months to April 30, 2011 and show a pre-tax profit of £679,000, down from £1.9 million the previous year, with turnover increasing from £5.4m to £8.6m.
RMJM London accounts for the same period show a £2.5m pre-tax loss, against a £1.7m loss the previous year in spite of turnover rising from £7.2m to £8.1m.
At RMJM Scotland, losses widened from £2m to £2.4m as turnover dipped from £17.2m to £9.6m.
The overall RMJM Group accounts report a near £11m loss with turnover down from £81.2m to £71.6m.
There was also confirmation Sir Peter and the Morrison family took on the entire debt of the business from Bank of Scotland on April 27 this year.
Bank borrowings in the 2011 accounts were almost £20m.
According to the accounts, RMJM Group's bank is now HSBC.
The accounts also stated RMJM returned to operating profit in the year ended April 30, 2012, and the most recent financial year had started well.
The company has been affected by problems in the global economy which have led to many major construction projects being abandoned or delayed.
RMJM was founded in Edinburgh in 1956 by architects Robert Matthew Stirrat Johnson-Marshall.
Its work in Scotland includes the Royal Commonwealth Pool in Edinburgh, the Tron Theatre in Glasgow and the Falkirk Wheel.
In recent years it has worked on high-profile international projects including the China National Convention Centre in Beijing, the Gazprom Tower in St Petersburg, Russia, and the Princeton Hospital in New Jersey.
The business employed former Royal Bank of Scotland boss Fred Goodwin as a consultant in what was his first role after leaving the bank. Mr Goodwin no longer works at RMJM.
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