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Jeremy French and Glyn Mummery of Vantis Plc have been appointed joint administrators today (29 April).

A statement from the company said that despite significant measures involving a number of redundancies and major cutbacks the credit crunch meant that the business no longer had a "sustainable proposition".

Tony McKay, managing director said: "The action with respect to Inside Track seminars is regrettable but necessary. The company has seen a fall in the number of people who want to invest in the property market for the first time and that is understandable in the current climate."

The other companies in the group - Instant Access Properties (IAP), AfterCare Solutions, Pay As You Grow and Fuel Investments – have said they are unaffected by the recent changes associated with Inside Track.

McKay added: "Our IAP members have purchased over £2.3bn of property across the globe, and we look forward to driving the profitable expansion of Instant Access Properties and Fuel Investments with a series of initiatives specifically geared to current market conditions.

"Our advice to members remains the same; they should view their investments as medium to long term and hold units on a portfolio basis across various UK and international markets."