About 1,500 jobs are at risk after the Gaucho restaurant group.
The firm's advisors had been trying to find a buyer for the 39 restaurants in the Gaucho and Cau chains.
However, high debt levels and a complex legal structure meant it had been unable to find an "agreed, solvent solution", a spokesperson said.
"Until such time as the administrator has been appointed and agreed plans with management, it is business as usual," its statement said.
