Bolton have announced the appointment of Paul Appleton and Asher Miller of David Rubin and Partners as the club's joint administrators.
Wanderers filed their notice of intention to appoint administrators last week after a recent winding-up order was adjourned at an Insolvency and Companies Court hearing in London.
"The decision was finally made for the appointments which it is hoped will ensure the continued existence of the club, one of the founding members of the Football League," read a club statement on their official website.
"It has got to the stage where the Trust could not sit back and allow the club to go into liquidation. Decisive action had to be taken and the Trust believes the decision is in the best interests of Bolton Wanderers."
Aldershot Town were the last EFL side to go into administration in 2013.
Administration would see Wanderers, currently managed by Phil Parkinson, begin next season in League One with a 12-point penalty.
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