Cambridge Analytica, the data firm at the center of a massive data breach scandal, on Wednesday said that it has filed applications to commence the proceedings and is "immediately ceasing all operations" in Britain.
Parallel bankruptcy proceedings will also begin soon on behalf of Cambridge Analytica in United States Bankruptcy Court, according to news reports here.
Cambridge Analytica is accused of acquiring the data of 87 million Facebook users through an academic researcher at the University of Cambridge, Alexander Kogan.
More than 44,000 people in Ireland may also have had their data improperly shared, the reports said.
The firms said in a statement that "over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations and, despite the company's efforts to correct the record, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas."
"Despite Cambridge Analytica's unwavering confidence that its employees have acted ethically and lawfully... the siege of media coverage has driven away virtually all of the company's customers and suppliers," said the statement.
"As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the company into administration," it said.
This decision "was extremely painful" for the company and its employees, "who learned today that they likely would be losing their jobs," the statement added.