Orbex was founded in February 2015 and was developing a rocket called Prime for use in launching small satellites into low Earth orbit.
It also has staff in Denmark.
FRP said Orbex had secured £138.5m in funding to date, including a total of £76.7m in public investment.
Chad Griffin, joint administrator and partner at FRP, said: “Orbex was at the forefront of the UK’s ambitions to create a sovereign space launch capability, and has made significant technological progress in recent years.
“Our focus now is on supporting employees, and engaging with potential interested parties to preserve value in the business assets and seek to retain space launch operations in Forres given the investments already made.”
He added: “We are already in contact with more than 20 potential suitors and encourage any further approaches from prospective buyers or investors to come forward.”