Manor needed at least half a million pounds ($622,000) to pay salaries, prepare the cars and go testing before the season starts in Australia on March 26.
The team, the smallest and least successful in the sport, employed 212 people at their factory in Banbury, central England.
The staff were sent home on Friday and told they they will be made redundant by the close of business on Tuesday after the payment of January salaries.
Manor was owned by Stephen Fitzpatrick, who runs independent British energy supplier Ovo and rescued the team in early 2015 after they had missed the final races of the 2014 season and gone into administration.
The team, who started out in 2010 as Virgin Racing, lost 10th place in the 11 team championship last year when Sauber overtook them at the penultimate race in Brazil.
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