Les Ross and Martin Ellis of Grant Thornton UK LLP have been appointed as joint administrators of Liverpool's tallest building.
The 40-storey building was completed in 2008 by developer Beetham and stands on Brook Street, overlooking the city's waterfront.
The Panoramic Restaurant, located on the 34th floor, will continue to trade normally and is not affected by Thursday's announcement because it is owned by a different company.
The West Tower has 123 apartments, 106 of which are let to tenants. A further 17 properties are either owner-occupied or in the process of being sold. The building also has around 12,000 sq ft of commercial space on the ground to fourth floor, which is available for sale or rental.
According to Beetham's website, the West Tower is used as their head office.
Beetham declined to comment any further when contacted by Place.
Anglo Irish Bank was the lender on the development and called in the administrators when the loan was not repaid in full on maturity. West Tower Liverpool Limited is owned by Mapfield Properties, controlled by Hugh Frost and his son Stephen Beetham.
Les Ross, a recovery and reorganisation partner at Grant Thornton, said: "We'd like to reassure all existing and future occupants that West Tower will continue to function normally, with services provided by the present managing agent Braemar Group. It will be business as normal for the people who live in and use West Tower.
"Over the coming days and weeks we will be considering the most appropriate strategy for the site but it's worth saying that we recognise the value of West Tower and its unique position in the city."
Ross added that West Tower Liverpool Limited, owners of the property, had been affected by a fall in market values since it was completed and had struggled to meet significant bank borrowing.