One of the largest First Nations-owned contracting service companies in Western Australia has been placed into the hands of administrators.

According to the Business News, McGrathNicol administrators Rob Kirman and Rob Brauer took over the reins of Maali Group on Tuesday.

Proud Noongar man Mitch Matera founded the managed electrical, mechanical and civil contracting company in 2019.

Up until recently, the Perth-based business was partly owned by ASX-listed GenusPlus Group, which held a 39 per cent stake in Maali Group.

The Indigenous-owned and operated company, which has offices around Western Australia, employed around 300 staff and 20 apprentices and trainees.

Almost a quarter of staff were First Nations people.

Maali Group has done work for some of the major players in the public and private sectors, including Main Roads WA and the Public Transport Authority, Lynas Rare Earths and gold miner Regis Resources.

Business News reported the administrators are seeking to sell or recapitalise Maali Group under a compressed timeline to minimise disruptions.

The process is expected to conclude within five weeks, and third parties have already lobbed offers seeking to partner with Maali Group.

Mr Matera, who started up the business when he was only 24 years old, owns the majority foothold in Maali Group.

GenusPlus sold its stake for $10,000 to the Mr Matera, under a share sale agreement on January 12, according to an ASX statement.

During the last financial year, Maali Group's revenue was just a tick over $40 million and incurred a loss of $1.6 million for the period.

The winding up of the company comes less than a year after Mr Matera was named a Business News' 40under40 winner in 2023 and also won the Indigenous Business Category for Maali Group.

In an interview with Business News last year, Mr Matera spoke about the business's rapid growth.

"A lot of that has come from saying no more than we said yes," he said.

"I've seen how risky lump-sum work can be. We still say no to a lot of risky jobs, we have to make sure we don't blow ourselves up".