Accountancy firm Chantrey Vellacott DFK was appointed administrator of Reckless Entertainment and Street of Dreams Limited earlier today following a High Court hearing.
The troubled production was postponed in May, with narrator Paul O'Grady calling for musical bosses to pay the show's cast and crew.
He was later fired from Street of Dreams, which also starred Kym Marsh and Bill Roache, and launched court action against Reckless Entertainment.
Adrian Hyde, who has been appointed joint administrator with Richard Toone, said: "Our appointment as administrators follows months of uncertainty and problems surrounding Street of Dreams and its Coronation Street musical.
"The production company has suffered from a funding deficit and lack of confidence in the venture, but with the right level of investment it is hoped that production of the show can be relaunched."
He added that he is "looking to work with the show's musical director" Trisha Ward, ITV and actors union Equity "with the hope of achieving a return to all the stakeholders involved".
"I've no doubt this production will be an extremely attractive proposition and investment opportunity, given the potential to incorporate a West End show and UK tour, and we welcome any interested parties to get in touch."
O'Grady's winding-up petition against the company will now be dismissed following today's ruling.