A question mark hangs over Heart of Wales Property Services, which has a depot in Newtown and is a joint venture between Powys County Council and construction company Kier.
HOWPS is in danger of being struck off the Companies House register after it failed to file its accounts on time on 19 February.
The company now has two months to respond to the first Gazette notice, issued by Companies House today.
Councillors have already raised the question of bringing property maintenance services back in-house.
A statement by Companies House said: “The Registrar of Companies gives notice that, unless
“Upon dissolution, all property rights, vested in or held in trust for the company, are deemed to be bona vacantia and accordingly will belong to the crown.”
HOWPS looks after 5,400 homes and 630 properties in the county with a base on the Dyffryn Industrial Estate.
The Joint Venture started in July 2017 after 109 workers were transferred to the company by TUPE.
Continued problems with Kier’s share prices have raised fears about the company.
Last week the lack of accounts submitted by HOWPS was brought up for discussion at a meeting of the Audit Committee.
There vice chairman of the committee John Brautigam pointed out that the accounts were supposed to have been made by 23 December 2018.
Mr Brautigam also pointed out a warning for lack of accounts was due to be issued on 19 February.
Finance portfolio holder Cllr Aled Davies, who is also a HOWPS director, assured Mr Brautigam: “The accounts have been submitted it’s an oversight.”
At the last full council meeting council leader, Cllr Rosemarie Harris agreed that councillors could discuss ways of bringing building and housing stock maintenance back under full local authority control.
In January Kier’s chief executive Haydn Mursell was forced to stand down as chief executive after launching an unpopular share rights issue which
raised more than £260 million to reduce its debt.
Many councillors believe that the joint venture is not working as well as it should have and the fears over Kier are also casting a shadow over the joint venture.
The London Gazette, reputed to be the UK’s oldest continuously published newspaper, is where statutory notices have to be published.
By Elgan Hearn, Local Democracy Reporter and MyNewtown Editorial