British media reported 167 employees were made redundant as a result of the club being placed into administration, including players and coaching staff.
"Wasps Holdings Limited was placed into Administration on 17 October 2022 and immediately ceased to trade," Wasps said in a statement.
"The affairs, business and property... are being managed by Andrew Martin Sheridan and Rajnesh Mittal of FRP who were appointed Joint Administrators. The Joint Administrators act as agents of the Company and without personal liability."
The former Premiership and European champions had filed a notice in the High Court last month stating their intention to appoint an administrator to secure their future.
The club withdrew the men's team ahead of the weekend's fixture against Exeter Chiefs, which led to the RFU's Club Financial Viability Group suspending the club.
RFU regulations state that a club placed in administration during the season will be relegated for the following campaign.
Premiership club Worcester Warriors went into administration last month after being suspended from all competitions when they failed to meet a deadline to prove they could operate amid their financial difficulties.
'Dark day'
Joint administrator Andrew Sheridan said: "This is a dark day for English rugby, and we know this will be devastating news for every Wasps player and member of staff, past players, sponsors, and their thousands of supporters throughout the world, and anyone who has ever been involved with this great club.
"Our immediate focus is on supporting those who have lost their jobs this morning."
Sheridan said the board and others at Wasps had "worked tirelessly" to find a solution but had failed to achieve that aim.
He said administrators remained confident that a deal could be reached to allow the club to continue.
It is understood that employees were told of the latest developments during meetings on Monday at Wasps' training ground and the CBS Arena.
Wasps' playing squad includes England internationals Joe Launchbury, Jack Willis - who was named in England's Autumn Nations Series squad on Monday - Dan Robson and Brad Shields.
The club has been ever present in the Premiership since the competition began 25 years ago, winning it in 2003, 2004, 2005 and 2008.
They were also crowned European champions twice, in addition to achieving one European Challenge Cup triumph, and have fielded some of England's most well-known players during rugby union's professional era.
The 2003 World Cup-winning England squad featured five Wasps players - Lawrence Dallaglio, Josh Lewsey, Stuart Abbott, Simon Shaw and Joe Worsley.
Former Wasps fly-half Andy Goode tweeted: "Exceptionally sad day for @WaspsRugby as they go into administration. A club I loved my time with on and off the field. Thoughts with every player, member of staff and fan at the minute. Hopefully the club finds new investment and can bounce back asap."
Rugby Football Union chief executive Bill Sweeney on Sunday threw the organisation's support behind a 10-team Premiership to help solve the financial crisis gripping the English top flight.
"I don't know if 10 is the absolute number but that's the one being used now, but in that and the central distribution around broadcast and commercial revenues, clearly there's a financial benefit for fewer teams in that league," he said.
