Previously known as Virgin Racing and Marussia F1, the team's collapse would put hundreds of jobs at risk.
The team will be using FRP Advisory as administrator during the coming weeks.
If a new buyer can be found, the team will be able to take part in this year's F1 world championship.
Around 200 people work for the team, with staff expected to be told more at a meeting sometime today.
Manor Grand Prix Racing Ltd, who hold the team's F1 rights, will continue to trade.
Last season, Manor finished 11th in the championship - just missing out on millions of pounds of prize money.