The company confirmed the move in a Stock Exchange announcement today following months of financial trouble.
Trevor John Binyon and Steven John Parker of Opus Restructuring LLP have been appointed as Joint Administrators to the Company.
Hightex warned in March that it was in a “critical financial situation.”
The firm ran into financial trouble following problems on two contracts at the 2014 World Cup in Brazil.
The Brazil contracts were run by Hightex’s German arm which is now being bought by an Austrian rival following a financial restructuring.
Hightex said at the time: “A decisive factor in the creation of this critical financial situation for Hightex GmbH was the misappropriation of funds totalling 3.3 million Euros by the managers of the Brazilian joint venture company in connection with the construction of two stadia for the FIFA 2014 World Cup.”
The firm has also failed to win any work on the 2018 World Cup in Russia.