The High Court has been notified that the club will be appointing administrators to protect their interests.
The move doesn't mean the business is in administration according to the company.
As it tries to secure the long-term future of the group, it will give a crucial period of grace.
There was a pending threat of action from the tax collector.
The rugby team said last month that they were in talks with the taxman.
The club said earlier this month that they were close to securing funds to repay some of the bonds they used to relocate from London.
They weren't able to meet a May deadline and were trying to find a new home.
The news comes on the same day the Rugby Football Union warned the Warriors that they will be suspended from all competition if they don't come up with a funding plan.
Coventry City moved back to CBS Arena in August of 2021.
Negotiations with a number of interested parties have been going on for some time, are in advanced stages and we are hopeful of securing a deal.
"In the meantime, the day-to-day operations of the business are unaffected, and we will continue to support our players, staff, supporters, bond holders and suppliers, and keep them updated during what we appreciate will be an uneasy time," it said.
The RFU will work with the Wasps to understand the current action, their sustainable plans and what the next steps will be.
If the club succeeds with a 'no-fault' application, they will be able to demonstrate the financial crisis was not their fault.
The situation is complicated by the fact that England's top tier has been put on hold due to the coronaviruses.
They have lost their first two games of the season away at Gloucester and at home to Bristol.
The young side beat the old side in the cup.
Six times English champions, including in three successive years from 2003 to 2005, are scheduled to visit Bath in the next month.
The match will go ahead as scheduled, according to Bath.
Since rugby union became a professional sport in 1996, the club has had three homes, the first of which was shared by Queens Park Rangers.
They relocated to the Ricoh Arena in December of last year.
The club has delayed repaying bondholders, who invested at least £2,000 each, in order to raise funds.
In the most recent set of accounts for the financial year ending June 2021, the company had a loss of over 18 million dollars and a large amount of debt.
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