HOPES that MG Rover might go back into production were dealt another blow yester-day.
Administrator PricewaterhouseCoopers (PwC) said it was beginning to prepare for a sale of assets.
Administrator Tony Lomas said: "There will not be enough funds to carry on as a going concern for much longer. We have instructed to begin to prepare for the sale of assets on a piecemeal basis."
The message was delivered to hundreds of the company's creditors.
Mr Lomas revealed that claims totalling more than £1.4bn had been submitted and that the figure was likely to increase.
And he warned creditors to expect practically no return on the debts, as Rover bosses had sold its best assets in a bid to cover losses.
Only nine potential buyers had convinced PwC that they had enough funds.
A major stumbling block is that a prospective purchaser may have to buy the intellectual property rights to Rover from the Shanghai Automotive Industry Corporation
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