The £32.5M annual turnover company called in administrators after losing a large contract with Morrisons, worth 40% of its business.
Joint administrators David Whitehouse and Sarah Bell of Duff & Phelps stopped production at the company, while holding talks with customers and potential buyers of some or all of the business.
A total of 118 jobs were made redundant across the company’s two sites, 42 in Salford which produces pizza bases and 76 in Deeside which finishes the products.
Administrators then resumed trading at the company with the aim of securing an on-going trade sale of the business and its assets.
A spokeswoman said no further updates would be available “until the ink is dry”.
Paramount was divested from its former parent company, the Dutch meat giant Vion in July.
It was one of the largest manufacturers of frozen and chilled pizzas in the UK supplying supermarkets including Sainsbury’s.