The club were relegated from the Championship at the end of the 2018/19 season and failed to fulfil their final match against Brentford.
Owner Ken Anderson has been trying to sell the club for some time and looked to have found a buyer in Laurence Bassini.
This takeover collapsed, though, due to the former Watford owner’s failure to provide proof of funds.
Administrators have now been appointed, meaning Bolton will start their League One season on -12 points.
A club statement read: “Paul Appleton and Asher Miller of David Rubin & Partners have today been appointed as joint administrators of Bolton Wanderers Football & Athletic Club (BWFC) and Burnden Leisure Limited (BLL) in the High Court of Justice.
“Both appointments were made following the Notices of Intention to appoint administrators filed by Fildraw Limited last week, which followed a long period of uncertainty since the presentation of a petition by HMRC.
“Fildraw Limited is a company through which the Trust representing the family of the late Eddie Davies lent substantial sums to the club.
“The decision was finally made for the appointments which it is hoped will ensure the continued existence of the club, one of the founding members of the Football League.”