Chad Griffin and Simon Granger of FTI Consulting have been appointed joint administrators of Vantis with immediate effect.
The AIM-listed accounting firm had been unsuccessful in finding ways to reduce its spiralling level of debt, the board noted.
Earlier today, HLB International chief executive Rob Tautges told the International Accounting Bulletin that the consolidator would be reorganised but it remained a mystery how this restructure would take shape.
It is likely there could be a combination of external sales and a management buyout.
HLB International is hopeful that enough of the firm remains in tact so that it may continue to be a member of the network. Tautges said HLB has been monitoring the market for options in the event it is forced to an alternative.