In a statement to Formula1.com, Force India said “specialist business advisory firm FRP Advisory LLP were appointed Joint Administrators of Force India Formula One Team Limited” on Friday.
Joint Administrator Geoff Rowley said: “We shall be engaging with key stakeholders on an urgent basis to secure the best outcome for creditors.
“In the meantime, the team will continue to operate as normal, including racing in Hungary this weekend. Our aim is for business as usual whilst we assess options to secure the future of the team.”
Speaking about Force India's financial position before the news broke, the team's Chief Operating Officer Otmar Szafnauer said in Friday's FIA press conference in Hungary: "The more money you have in this game, usually the better you do. But hopefully that will be solved soon and we’ll get back to operating in the normal manner that we are used to.
"We are just in this critical period, which might last a week or two, we have to keep our heads down, do the best we can here, go enjoy, after the test, enjoy our break and then come back fighting thereafter."
Force India are currently fifth in the constructors' championship on 59 points, 21 adrift of Renault.