Xchangeteam, which had offices in London and Bristol, was launched in 1999 by Emma Brierley. The company covered recruitment in the comms, client services, digital, marketing and media sectors.
Corporate recovery specialist Butcher Woods is overseeing the liquidation process of the firm, which joined the Pertemps Network in 2011.
Brierley is on the executive board of professional services recruitment trade body APSCo, and is chair of its marketing sector group M Squared.
The Xchange Team had held the Freelancer of The Year awards annually since 2003.
Last year, the company made it onto the Recruiter Hot 100, one of only four companies in the sector to feature on the list.