A High Court judge granted an administration order today against E-Clear, the company which dealt with the online ticket sales of collapsed travel firm Globespan.
Mr Justice Vos, who gave the ruling at a hearing in London, heard that E-Clear consented to the move.
The action against E-Clear was brought by PricewaterhouseCoopers (PwC), which was appointed administrator of Globespan on 16 December.
An estimated 3,400 holidaymakers were left stranded in Spain, Portugal, Cyprus and Egypt when Edinburgh-based Globespan went into administration.
The case reached the High Court last week but after a brief hearing was adjourned until today.
The latest proceedings were set for more than a day, but ended after less than an hour.
E-Clear was not represented by counsel, but its "consent" to the administration order was notified to the court by solicitors.
E-Clear is said to owe £35m to the collapsed travel firm.
PricewaterhouseCoopers said in a statement after the hearing that the judge "approved the order for the administration of E-Clear plc, following the failure of E-Clear to submit evidence of funds on Friday 15 January. BDO has been appointed administrator".
Bruce Cartwright, administrator, of PwC, said: "Over the last month we have sought financial reassurance from E-Clear and are disappointed that the funds are no longer there.
"We will now work closely with BDO to maximise the situation for Globespan creditors under exceptional circumstances.
"Those who bought services on credit card or visa debit, that have not been supplied, will continue to be protected by consumer card legislation and should contact their credit card issuer."