Chris Ollerenshaw, chairman of the Black and White Group, confirmed that the firm had gone into administration on Friday 15 February.
The news comes after the Group confirmed it was to pull out of the regulated mortgage and insurance markets, recentring its business around its un-regulated distribution strategies.
Ollerenshaw said: “The Black & White company is in administration. It is in the process of winding down its business practices and dealing with administrators.
"We are not running away from responsibility and there is some tying up to do. The situation has changed because I’m ready for a rest and want some time out to consider my options.”
Earlier in the month, then chief executive Thomas Reeh denied reports that the group had gone into administration following his resignation.
He had added that the decision to pull out of the regulated mortgage market was 'based on economics'.
