Citri will be placed into liquidation on July 4.
Begbies Traynor, which is advising Citri, has not yet been appointed as its liquidator but says it expects to be following the collapse of a rescue deal.
The rescue deal would have meant the company would have been placed into administration, but instead it will enter into liquidation.
It is not yet known what will happen to the commission owed to former appointed representatives of Citri.
Mortgage Strategy reported last month that a deal to transfer 138 of Citri’s advisers to Openwork had fallen through.
At the time, Openwork said it was in discussions with Citri and looking at ways its advisers could continue to trade, but it is not known if Openwork was the firm looking to rescue Citri.
A number of advisers have contacted Mortgage Strategy saying they are owed thousands of pounds in outstanding commission.