The business, which had employed 289 workers, entered administration earlier this month after the failure of recent merger talks.
At the time, Chief Executive Ivan McCabrey said the company had suffered from intense competition in the global construction and fit-out market.
Almost 100 jobs were already shed by Mivan one week ago.
On Monday, it was announced that only a small number of staff were being retained to assist the Administrators Deloitte finalise existing contracts.
Peter Allen, of Deloitte, said: "The company was traded for a period of two weeks, while expressions of interest in the business as a going concern were explored. We received a number of indicative offers, but unfortunately no purchaser was able to complete.
"Although the business will now close, we are hopeful that there will be meaningful interest in a packaged sale of the assets. We would like to thank the company's employees for their support and professionalism during this time."
Mivan has twice been named as UK Construction Firm of the Year.
The firm worked on projects all over the world including re-roofing the Dome of the Rock mosque in Jerusalem, fitting out the interior of the Scottish parliament at Holyrood, refurbishing the luxury liner the QE2 and Euro Disney in Paris.
There is a demand for the huge array of skills within the Mivan workforce and I would hope that those who received this news today may find employment with other companies as quickly as possible.
William McCrea, DUP
Danny Kinahan, South Antrim Ulster Unionist MLA, said: "At a time when various reports have suggested that we are coming out of recession and that the construction sector is reviving, it is doubly shocking that a local company with the worldwide reputation of Mivan has come to grief.
"This is enormously disappointing, and the loss of over 240 jobs is a terrible and bitter blow to the South Antrim economy.
"Our immediate thoughts must be with the employees who have lost their jobs, alongside their families and every effort must be made by the relevant agencies to provide the support needed in these circumstances and being ever mindful of the difficult times ahead that they face."
Alliance South Antrim representatives, David Ford MLA, Cllr Neil Kelly and Cllr Alan Lawther, have expressed their sadness following the announcement.
David Ford MLA said: "This is devastating news for the workers and their families. The important thing now is for agencies like Invest NI to work with businesses that would seek to employ these skilled workers."
Cllr Kelly added that he hoped the those made newly redundant would get help to find employment while Cllr Lawther reiterated hopes that employment would be offered to the workers.
DUP South Antrim MP William McCrea described the news as "devastating".
"At a time when we have had promising economic news on many fronts, efforts to attract jobs and investment must continue and focus on areas which have suffered significant job losses such as this," he commented.
"Following the initial announcement of Mivan going into administration I have been working with the Enterprise Minister and Invest Northern Ireland.
"That work will continue as we seek to attract the necessary jobs and investment to the Antrim area."
Thomas Burns, SDLP councillor for Antrim, said that it is a big blow for the whole of the north as the firm provided employment throughout.
He described Mivan as "a tremendous organisation."
"They were a great firm for young students who went to work for Mivan. They were a very progressive and forward thinking firm."
He said the closure was a tragedy.