Vecta CNC, a precision machining manufacturer in Bloxwich, changed hands late last year.
The director is now a Charles O'Sullivan from Carlisle, who was appointed on December 15, but he has yet to visit the business in Slacky Lane, Goscote.
Worker Malcolm Fry, who is in his third spell with the company, said that the dozen people who worked there were turning up every day but there was no work for them to do.
General manager Matt Evans said no finance was available to pay for materials to do any work.
He said efforts had repeatedly been made to contact Mr O'Sullivan.
"Our people can't get new jobs because it would put their redundancy at risk. Some have worked here for 20 years," said Mr Evans.
Mr Fry, who has been at Vecta for three years in his latest spell, said that until the business went into administration nothing could happen.
"We are in limbo," he said.
"We have no director, order book or finance. We are just having to turn up so we are not in breach of our contracts. No one has been paid for four weeks.
"We have contacted Acas and Walsall North MP Eddie Hughes for help," he said.
Optimum Finance of Bristol has provided financial services to the company.
Relationship manager at Optimum Finance, Simon Stanton-Hobbs, said they were exploring all options to try and do the best for everyone concerned and were secured creditors of the business.
"We also don't know how this is going to pan out," he added.