The team’s operating company, Just Racing Services, has been placed in administration.
The administrators, FRP, said there was ‘a slim chance’ of the team making the grid for the opening round of the F1 World Championship in Melbourne from March 24-26.
Manor finished last in the Constructor’s Championship in 2016, with a solitary point, one less than the struggling Sauber outfit.
Missing out on 10th position is said to have cost Manor in the region of $16.8 million in prizemoney.
The squad is in desperate need of securing major long-term investment with several prospective buyers going through due diligence in recent times but no transaction has taken place, leaving the operation in administration.
As Marussia, it previously went into administration in October 2014 ahead of Ovo energy company owner Stephen Fitzpatrick rescuing the team just ahead of the 2015 season when it returned to its original Manor name.