As my wife is a retired insolvency practitioner (and thus was at one time liquidator and administrator to companies), and I worked with her, the process is:
1. The directors go visit an Insolvency Practitioner. In this case the decision was to go in to administration.
2. Papers are quickly drawn up and taken to the Court. The papers ask the Court to appoint an administrator, and include a form that shows the insolvency practitioner is willing to take the case, and the petition will have the administrator's name on it.
3. Minutes later a judge approves the appointment.
Minutes later. That was always so in the cases my wife handled. In this situation, time is of the essence. By the end of the day, I would be surprised not to see Wasps release a statement, written by said administrator.