Receivers have been appointed to Setanta Sport Holdings, the parent company of sports broadcaster Setanta, and a number of subsidiary companies.
As a result, Setanta's British business is to be wound down, and broadcasting to British customers will end shortly.
But Setanta International and Setanta Ireland are not covered by the appointments and will continue to trade on air during rescue talks.
Deloitte has been appointed administrator to Setanta's UK companies, while in Ireland, David Carson of Deloitte has been appointed receiver to the parent company, as well as some Irish subsidiaries. It is believed 19 jobs will go in Ireland as a result of this.
Deloitte says 200 employees are to be made redundant at the British business, and it has suspended subscription collections in Britain from today.
In a statement Setanta said it had not been possible to secure the additional financing required to ensure the future viability of the broadcaster. The company said it regretted the impact today's development will have on its staff and commercial partners.
Its chairman Robin Miller said today was a bad day for all concerned. He said that in a difficult and competitive market, and despite strenuous efforts by the board and management, it was not possible to find sufficient additional funds in the time available to ensure Setanta's survival.
Setanta has 420 employees in the UK and Ireland, and approximately 1.2 million subscribers, with channels available in three million homes.
Setanta has published information for its customers here
Today's development comes after weeks of frantic negotiation during which Setanta had been attempting to stave off administration. It had attempted to raise funds to help pay TV rights bills, which included the Premier League, as well as the FA Cup and Scottish Premier League (SPL).
A deal had been put forward by US tycoon Len Blavatnik's Access Industries, which was reportedly offering £20m in return for a 51% stake, but this collapsed last week. Both the Scottish Premier League and the Premier League announced in the last few days that they were terminating their licensing agreement with Setanta and were seeking new broadcasting partners.
