An auction into Marussia's remaining assets has been cancelled with the team understood to be involved in advanced talks with a potential buyer.
Birmingham-based GA European Valuations (GAEV) conducted one auction in mid-December when minor items such as steering wheels, manufacturing and office equipment and drivers' race suits were sold.
That followed the team falling into administration in October with debts of around £60million, resulting in them missing the final three grands prix of last season.
However, work has been ongoing behind the scenes in a bid to get the team on the grid for this season, albeit with a deadline of Wednesday fast approaching.
The Marussia F1 team has officially ceased trading, administrator FRP Advisory has confirmed.
Geoff Rowley, joint administrator at FRP Advisory, said: "It goes without saying that it's deeply regrettable that a business with such a great following in Britain and worldwide has had to cease trading and close its doors."
Marussia driver Jules Bianchi remains "critical but stable" in hospital following his horrific accident at the Japanese Grand Prix on October 5, his family said on Thursday.
The 25-year-old Frenchman suffered a diffuse axonal injury to his brain, where the damage is more widespread, after crashing into a recovery vehicle at Suzuka almost four weeks ago, and underwent immediate surgery upon his arrival at the Mie General Medical Centre in Yokkaichi.
"It will be four weeks this coming Sunday since Jules' accident and he remains in the Mie General Medical Center in Yokkaichi," it read.
"His condition continues to be classified by the medical professionals here as critical but stable. Although we have no new information to give, we recognise that there are a huge number of people all around the world who are supporting Jules and willing him on in his fight.
"We owe it to his many fans to acknowledge the continued outpouring of messages, and to provide some information, however brief it may be."
The Marussia Formula One team have been placed in administration, administrators FRP Advisory have confirmed.
London-based restructuring and recovery firm FRP Advisory has taken on the role of administrator, and confirmed Marussia will miss this weekend's forthcoming United States Grand Prix in Austin.
A statement from FRP confirmed the company, known as Manor Grand Prix Racing Limited and trading as Marussia F1 Team, "will continue to operate while the joint administrators assess the longer-term viability of the company in its present form".
Pedro de la Rosa and Felipe Massa believe safety changes need to be made following the accident this week that cost Marussia test driver Maria De Villota her right eye.
Pedro de la Rosa, chairman of the Grand Prix Drivers' Association said: "We will put the facts on the table to see if there is anything we need to change to improve.
"We need to make sure, between the FIA, the teams and the GPDA, that we make changes for the future because it's not good enough.
Massa, involved in his own accident three years ago that nearly cost him his life said:
"The FIA need to understand as well, to put everything in place for maximum safety that we need to have."
Test driver Maria De Villota has lost her right eye as a result of her accident yesterday, her team Marussia have confirmed.
Marussia test driver Maria De Villota is conscious after suffering what were initially described as "life-threatening injuries" in a test crash earlier today.
The 32-year-old Spaniard crashed into a support truck and it is understood she has been receiving treatment for head and face injuries.
The F1 Marussia Cosworth team are based in Banbury and there is further coverage on this story at ITV Meridian.
Maria de Villota is currently being treated for life threatening injuries at Addenbrookes Hospital after a collision with a lorry in her F1 test vehicle at Duxford Airfield in Cambridgeshire.
The following images were published on her team Marussia F1's twitter page before the race.