Manor, the British-based Formula One team, ceased trading on Friday after failing to find a new buyer.
The team, which employed more than 200 staff and operated out of Banbury in Oxfordshire, fell into administration at the beginning of January.
It was hoped that new investment would be found ahead of the upcoming campaign which gets under way in Melbourne on March 26.
But Manor's employees were sent home on Friday and will be redundant as of next week after Just Racing Services - the team's operating company - closed its doors.
The team's collapse means only 10 constructors are likely to start the new Formula One season.
A deal to save the team could yet happen, but it seems highly unlikely with the first test just four weeks away.
"It is deeply regrettable that the team has had to cease trading and close its doors," said Geoff Rowley, joint administrator, and partner at FRP Advisory.
"Manor is a great name in British motorsport and the team has achieved a great deal over the past two years, invigorated under new ownership.
"The administration process provided a moratorium to allow for attempts to secure a long term viable solution for the team within in a very limited time-frame but sadly no solution could be achieved to allow for the business to continue in its current form within what was a very tight time-frame."
Manor began their journey in Formula One back in 2010 as Virgin Racing and were backed by British billionaire Sir Richard Branson, before later being renamed Marussia.
The team scored their first points at the 2014 Monaco Grand Prix when Jules Bianchi, the Frenchman who suffered an ultimately fatal crash in Japan later that year, finished ninth.
Russian owner Andrey Cheglakov then ended his association with the team at the end of 2014 to leave the Banbury-based outfit facing an exit from the sport.
But British businessman Sean Fitzpatrick poured in a reported £30million of his own money to rescue the team which then competed under the guise of Manor.
Manor spent the ensuing two seasons largely as back-markers and finished last in the most recent constructors' championship, scoring only one point.
Source: PA
