The interior minister of the state of Rhineland-Palatinate, the majority shareholder in the company that manages the legendary circuit, told news agency AFP that Nürburgring Automotive made the move on Friday evening.
A spokesman for the minister added that administrators will be appointed by the court on Monday. Nürburgring Automotive are €13 million in debt and had been counting on financial aid from the European Union after extensive renovation work.
But the EU told them last week that no decision on a bail-out would be made until at least July 30.
The Nürburgring has been the main venue for the German Grand Prix since World War II but has shared duties with Hockenheim since 2009.
The latter circuit, in the Eifel region of Baden-Württemberg in southwestern Germany, is hosting this weekend's race and is also scheduled to stage the German Grand Prix in 2014, 2016 and 2018.
But fears are growing over the future of Formula 1 at the Nürburgring. F1 boss Bernie Ecclestone told the Rhein-Zeitung newspaper on Saturday that he hoped for a quick decision over whether the track will host next year's racing event.
“The negotiations have to be completed within the next few weeks if there's going to be a race in the Eifel in 2013,” said Ecclestone.