PARIS – The general contractor for the $12 million Paris Elementary School is going out of business, but local officials say there should be little to no impact on outstanding warranties.

Payton Construction Corp. of Boston filed a voluntary petition with the U.S. Bankruptcy Court in Boston last March to reorganize its finances. However, after failing to get financing, the 21-year-old company decided several weeks ago to close, according to Stephen Hennigar, the company’s project executor.

The Paris Elementary School at High Street and Hathaway Road opened last February. Under the contract between SAD 17 and Payton Construction, a one-year warranty, dating from December 2006, was provided on almost all aspects of construction. Additionally, subcontractors provide a limited warranty on their work.

“It won’t affect it at all,” said SAD 17 Business Manager Cathy Fanjoy of the shutdown of the company. “It’s 100 percent built and paid for.”

Superintendent Mark Eastman said all subcontractors have been paid by Payton, assuring SAD 17 that they will honor any warranties for their work. “We spot-checked a couple, and we found it was true,” Eastman said of calls that were made to subcontractors, to make sure all had been paid so there would be no problems with warranties.

Hennigar said the award-winning company, which last year employed about 250 people, is down to about 50. SAD 17 officials were notified several weeks ago, he said.

“The owners shouldn’t have any concerns. The projects are complete. Any warranty issues that have come up have been dealt with by subcontractors,” Hennigar said.

Fanjoy said the project has been relatively problem-free. Hennigar pointed to one item – the energy saving lighting system, which needed attention this past year and was taken care of by the electrical subcontractor.

The company, which is completing its last Maine project in Bath, has been working in Maine for the past 10 years under the name Payton Maine.

Hennigar said it was not an easy decision for owner Bill Payton to close his company, but it simply had too much debt and not enough work to go forward. “You try to reorganize, but few are willing to enter into a contract or agreements with someone in bankruptcy,” he said. “You need to have cash flow in an organization.”

When three condominium jobs in the Boston area ran over budget by a reported $19.5 million, that sounded the death knell for the company, Hennigar said. “There were bad developers who did not pay, bad language contract. They were just not good ventures,” he said.

“It’s a tremendously unfortunate turn of events,” he said.