The Warriors have been suspended for the rest of the season and will be demoted to the second tier.
The RFU club financial viability group decided to give time to find an investor and the best chance for a long-term sustainable future.
The contracts of the players and staff were terminated on Wednesday.
The club can try to get back in the game.
The Warriors needed to show there was no fault for the insolvency event.
They were kicked out of the Rugby Cup as well as having their season end.
"As the club no longer has staff and players on contract, and with many seeking alternative employment, the decision has been made to focus on how the club can be viable over the long term."
The administrators of the club are in talks with several potential investors and are planning for the long-term.
The University of Worcester Warriors women's team can compete in the premier 15s for the rest of the season if work is done with an unnamed investor.
There's more to come.
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